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Notes to Accounts of Galaxy Agrico Exports Ltd.

Mar 31, 2015

1) Company Profile:

The company is engaged in manufacturing and trading activity and has two business segments, viz. Agricultural Equipments and Bearings (Forged Rings). It trades in Agricultural Equipments while manufactures as well as does job work of Bearings.

2.the company has only one class of shares referred to as ordinary equity share having a face value of Rs.10 Each shareholders is entiled to one vote per share.

3. Contingent liabilities and commitments (to the extent not provided for)

For the year ended For the year ended Particulars 31.03.2015 31.03.2014

Contingent liabilities:

Forward U.S. Dollar Contracts with Marwadi Shares & Finance 2,347,373 4,525,188 Limited

(ii) Secondary Segment Information:

The following Geographic Segments individually contributed 10% or more of the Company's revenues in the previous year.

4. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given

5. List of related parties with whom transactions have taken place and relationships;

Sr Name of the Related Party Relationship No.

1. Nathabhai J. Sadariya

2. Sanjay J. Patel Key Managerial Personnel

3. Manoj H. Shah

4. Jitendra H. Shah

5. Nayna A. Shah

6. Kantaben J. Patel Relatives of KMP

7. Devkuvarben N. Sadaria

8. Ashwin H. Shah

9. Accumax Rings Limited Subsidiary

6. Other Disclosures

7. The outstanding balances as al 31st March, 2015 in respect of Trade receivables, Trade payables, Loans 6 Advances and other payables & receivables are subjected to confirmation from respective parties and consequential reconciliation and/or adjustments arising there from, If any. The Management, however, does not expect any material variation.

8. The company has requested the suppliers to give info-nation about their status as Micro, Small ard Medium Enterprises as defied under the MSMED Act, 2006. In the absence of this information. Company is unable to provide the details in Trade Payab les regarding the overdues to such Enterprise

9. According to the opinion of the management of the Company, the value of realization of Trade & Other Receivables and Leans & Advances given in the ordinary course of business would not be less than toe amount at which they are stated In the Balance sheet.


Mar 31, 2014

1. Contingent liabilities and commitments (to the extent not provided for)

Year ended Year ended Particulars 31st March, 2014 31st March, 2013

Contingent liabilities

Forward U.S. Dollar Contracts 4,525,188 with Marwadi Shares & Finance Limited

2. Segment Information

The company has identified Business Segments as its primary segment and Geographic Segments as its secondary segment.

Business Segments include: Agricultural Equipments and Forged Rings (Bearings).

Revenues and Expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to a particular segment have been allocated on the basis of associated revenues of the segments. All other expenses which relate to enterprise as a whole and are not attributable / allocable to a segment on reasonable basis have been disclosed as "Unallocable".

Assets and Liabilities that are directly attributable / allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

Geographical revenues are allocated based on the location of the customer. Geographical Segments of the company are ''''Within India” and "Outside India",

3. Other Disclosures

3.1. The outstanding balances as at 31st March, 2014 in respect of Trade receivables, Trade payables, Loans & Advances and other payables & receivables are subjected to confirmation from respective parties and consequential reconciliation and/or adjustments arising there from, if any. The Management, however, does not expect any material variation.

3.2 The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, Company is unable to provide the details in "Trade Payables" regarding the overdues to such Enterprises.

3.3 According to the opinion of the management of the Company, the value of realization of Trade & Other Receivables and Loans & Advances given in the ordinary course of business would not be less than the amount at which they are stated in the Balance sheet.


Mar 31, 2013

1. Contingent liabilities and commitments (to the extent not provided for)

Year ended Year ended

particulars 31st March, 2013 31st March, 2012

Contingent liabilities - -

Estimated amount of-Contracts remaining to be executed on Capital Account

2. Segment Information

The company has identified Business Segments as its primary segment and Geographic Segments as its secondary segment.

Business Segments include: Agricultural Equipments and Forged Rings (Bearings).

Revenues: and Expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to a particular segment have been allocated on the basis of associated revenues of the segments. All other expenses which relate to enterprise as a whole and are not attributable / allocable to a segment on reasonable basis have been disclosed as "Unallowable".

Assets and Liabilities that are directly attributable / allocable to segments are disclosed under each reportable segment All other assets and liabilities are disclosed as unallowable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

Geographical revenues are allocated based on the location of the customer. Geographical Segments of the company are "Within India" and "Outside India"

3. Other Disclosures

3.1 The outstanding balances as at 3ist March, 2013 in respect of Trade receivables, Trade payables, Loans & Advances and other payables & receivables are subjected to confirmation from respective parties and consequential reconciliation and/or adjustments arising there from, if any. The Management, however, does not expect any material variation.

3.2 The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, Company is unable to provide the details in "Trade Payables" regarding the over dues to such Enterprises.

3.3 According to the opinion of the management of the Company, the value of realization of Trade & Other Receivables and Loans & Advances given in the ordinary, course of business would not be less than the amount at which they are stated in the Balance sheet.


Mar 31, 2012

Particulars 2011-12 2010-11

1.1 Contingent liabilities not provided for - -

1.2 Estimated amount of Contracts remaining to be executed on Capital Account - -

1.3 The outstanding balances as at 31.03.2012 in respect of certain Sundry Debtors, Sundry Creditors, Loans and Advances and deposits are subjected to confirmation from respective parties and consequential reconciliation and/or adjustments arising there from, if any. The Management, however, does not expect any material variation.

1.4 According to the opinion of the Management the value of realization of current assets, loans and advances and other receivables in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

1.5 The Revised Schedule VI notified under the Companies Act, 1956 has become effective from 1st April, 2011 for the preparation and presentation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified/amended wherever necessary in accordance with the requirements applicable in the current year.

2. Segment Reporting

The company has identified Business Segments as its primary segment and Geographic Segments as its secondary segment.

Business Segments include Agricultural Equipments and Bearings. Revenues and Expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to a particular segment have been allocated on the basis of associated revenues of the segments. All other expenses which are not attributable / allocable to segments have been disclosed as unallocable.

Assets and Liabilities that are directly attributable / allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

Geographical revenues are allocated based on the location of the customer. Geographical Segments of the company are Within India and Outside India.


Mar 31, 2010

I. Segment Reporting:

The Company is engaged in the manufacturing of Bearing Rings. It was previously engaged in manufacturing of Agricultural implements. However the company has sold off majority of the plant and machinery used for manufacturing agricultural implements and is focused on manufacturing bearing rings. In view of the same, the management has not shown the Agricultural implements as a separate segment for the purpose of Segment Reporting under AS-17.

II. The company has requested the suppliers to give information about their status as Micro, Small & Medium Enterprise as defined under the MSMED Act, 2006. In the absence of this information company is unable to provide details regarding the overdue to such Enterprise.

III. The outstanding balances as at 31.03.2010 in respect of certain Sundry Debtors, Sundry Creditors, Loans & Advances and deposits are subjected to confirmation from respective parties and consequential reconciliation and or adjustments arising there from, if any. The Management, however, does not expect any material variation.

IV. According to the opinion of the Management the value of realization of current assets, loans & advances and other receivables in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

V. Contingent liabilities not provided for: NIL

VI. Previous years figures have been regrouped/rearranged wherever necessary to make them comparable.

VII. Schedules 1 to 16 forms an integral part to the financial statements and have been authenticated.

 
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