Home  »  Company  »  Gaekwar Mills Lt  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Gaekwar Mills Ltd. Company

Mar 31, 2014

A. BASIS OF ACCOUNTING :

1. The financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to in sub-section(3c) of Section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. FIXED ASSETS

2. AII fixed assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. REVENUE RECOGNITION :

Revenue in respect of Dividend Income & Interest on Debentures is accounted as an when received.

d. INVESTMENTS :

1) Long Term Investments are stated At Cost. No adjustments is made in respect of decline in value of temporary nature, if any, as they are considered long term by the management.

The company does not have any current investment.


Mar 31, 2013

A. BASIS OF ACCOUNTING :

l.The financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to in sub-section(3c) of Section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. FIXED ASSETS

2.AII fixed assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. REVENUE RECOGNITION :

Revenue in respect of Dividend Income & Interest on Debentures is accounted as an when received.

d. INVESTMENTS :

1) Long Term Investments are stated At Cost. No adjustments is made in respect of decline in value of temporary nature, if any, as they are considered long term by the management. The company does not have any current investment.


Mar 31, 2012

A. BASIS OF ACCOUNTING :

1. The financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to in sub-section(3c) of Section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. FIXED ASSETS

2. All fixed assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

C. REVENUE RECOGNITION :

Revenue is respect of Dividend Income & Interest on Debentures is accounted as an when received.


Mar 31, 2011

A. The financial statements are prepared under historical cost convention on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

B. All fixed assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

C. Investments are shown at cost.


Mar 31, 2010

A. The Financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. All Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost.


Mar 31, 2009

A. The Financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. All Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost.


Mar 31, 2008

A. The Financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub- section (3 C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. AH Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost


Mar 31, 2007

A. The Financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. All Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost.

2. The Company was wound up by an order dated 4th February 2008 passed by the Hon. Bombay High Court in Company Petition no. 228 of 1987 and upon the opinion expressed by the Hon. BIFR in case no. 57 of 1987 which was converted into Company Petition and numbered as CP/ 735 of 2004.

Subsequent to the winding up order as above, the shareholders and the promoters of the company who along with their friends, relatives and associates who held and controlled about 56% of the paid-up Share Capital of the company (hereinafter referred to as the Applicants), propounded a scheme under Section 391 to 393 of the Companies Act, 1956 for the revival of the company. The Hon. Bombay High Court vide its order dated 10th September, 2009 has accorded sanction to a scheme of Compromise/Arrangement under sections 391 to 393 of the Companies Act 1956, inter alia, for revival of the company. The scheme was further modified by the subsequent orders of the Hon. Bombay High Court dated 6th January 2010 and 7th January 2010.

Under the said revival scheme PLATINUM SQUAARE PVT LT., Mumbai is the Strategic Investors in the Company who would provide the funds to the extent of Rs. 30 Crores, over a period of time, for payment of existing negotiated/settled liabilities to the Creditors of the Company (comprising of the Secured Creditors, Statutory dues, Workers and Unsecured Creditors) and for the revival of the companys operation. The Company shall issue to Platinum Square Pvt Ltd 8 years Secured Redeemable Non Convertible Debentures each of the face value of Rs.l, 00,000 at par and each debentures shall be accompanied by a detachable warrant entitling the holder to subscribe for 13 equity shares of the face value of Rs. 100 at par within 18 months from the allotment of the Warrants..

In the scheme of Compromise/arrangement referred to above, the company has allotted 3000 8 years Secured R Redeemable Non Convertible Debentures each of the face value of Rs.l, 00,000 at par on 9th of October 2009 .The amount paid up on each debentures as on date is Rs. 17,500/- amounting to Rs. 5,25,00,000/-

Interest dues to Secured Creditors:

Bank of India:

i) Simple interest at 10% p.a from 17.04.2008 to 08.12.2009 ii) Simple interest at 12% p.a from 09.12.2009 till the date of payment, which is not later than 31st March, 2010

Union Bank of India:

i) Simple interest at 10% p. a from 01.06.2008 to 08.12.2009 ii) Simple interest at 12% p. a from 09.12.2009 till the date of payment, which is not later than 31st March, 2010


Mar 31, 2006

A. The Financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. All Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost.


Mar 31, 2005

A. The Financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. All Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost.


Mar 31, 2004

1. Accounting Policies:-

a. The Financial statements are prepared under historical cost convention, on accrual basis and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. All Fixed Assets have been capitalized at cost inclusive of expenses relating to acquisition and installation.

c. Investments are shown at Cost.

2. The Company was wound up by an order dated 4th February 2008 passed by the Hon. Bombay High Court in Company Petition no. 228 of 1987 and upon the opinion expressed by the Hon. BIFR in case no. 57 of 1987 which was converted into Company Petition and numbered as CP/ 735 of 2004.

Subsequent to the winding up order as above, the shareholders and the promoters of the company who along with their friends, relatives and associates who held and controlled about 56% of the paid-up Share Capital of the company (hereinafter referred to as the Applicants), propounded a scheme under Section 391 to 393 of the Companies Act, 1956 for the revival of the company. The Hon. Bombay High Court vide its order dated 10th September, 2009 has accorded sanction to a scheme of Compromise/Arrangement under sections 391 to 393 of the Companies Act 1956, inter alia, for revival of the company. The scheme was further modified by the subsequent orders of the Hon. Bombay High Court dated 6th January, 2010 and 7th January, 2010.

Under the said revival scheme, PLATINUM SQUARE PVT LTD. Mumbai, is the Strategic Investors in the Company who would provide the funds to the extent of Rs. 30 crores, over a period of time, for payment of existing negotiated/settled liabilities to the Creditors of the Company (comprising of the Secured Creditors, Statutory dues, Workers and Unsecured Creditors) and for the revival of the companys operation. The Company shall issue to Platinum Square Pvt Ltd 8 years Secured Redeemable Non Convertible Debentures each of the face value of Rs. l,00,000 at par and each debentures shall be accompanied by a detachable warrant entitling the holder to subscribe for 13 equity shares of the face value of Rs.l00 at par within 18 months from the allotment of the warrants.

In the scheme of Compromise/arrangement referred to above, the company has allotted 3000, 8 years Secured Redeemable Non Convertible Debentures each of the face value of Rs .l 00,000 at par on 9th of October 2009. The amount paid up on each debentures as on date is Rs.l7,500/- amounting to Rs. 5,25,00,000/-

3. Interest dues to Secured Creditors:

Bank of India:

i) Simple interest at 10% p.a from 17.04.2008 to 08.12.2009

ii) Simple interest at 12% p.a from 09.12.2009 till the date of payment, which is not later than 31st March, 2010

Union Bank of India: i) Simple interest at 10% p. a from 01.06.2008 to 08.12.2009

ii) Simple interest at 12% p. a from 09.12.2009 till the date of payment, which is not later than 31 st March, 2010


Mar 31, 2001

A. The financial statements are prepared under historical cost convention, on accrual basis, and are in accordance with requirements of the Companies Act, 1956 and comply with Accounting Standards referred to the sub-section (3C) of the section 211 of the said Act, except in case of certain items which have been accounted on cash basis as reported hereafter.

b. The accounts have been prepared under Historical Cost Convention.

c. All Fixed Assets have been capitalised at cost inclusive of expenses relating to acquisition and installation.

d. No Depreciation has been provided since accounting year ended 30.06.1986.

e. Investments are generally shown At Cost.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X