Home  »  Company  »  Galaxy Bearing  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Galaxy Bearing Ltd.

Mar 31, 2014

1.1 The company has only one class of shares referred to as Equity Shares having face value of Rs. 10/-. Each Holder of Equity Share is entitled to 1 vote per share.

1.2 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 amounts.However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity shares held by the shareholder.

1.3 There is no Equity Shareholder holding more than 5% shares in the Company.

1.4 The reconciliation of the number of shares outstanding and the amount of share capital is set out below :

2.1 Unsecured Loan from Directors, Promoters & their relatives carry interest rate at 12.50 % p.a.

2.2 Unsecured Loan from Corporates Bodies carry interest rate at 12 % and loans are repayble in 2020-21

3.1 The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at year end together with interest paid / payable under this Act have not been given.

4. The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, and hence disclosure relating to amounts unpaid as at year end together with interest paid / payable under this Act has not been given.

5. Segment Information:

In the opinion of management the Company is primarily engaged in the business of Ball & Roller Bearings. All other activities of the Co. revolve around the main business and as such there is no separate reportable business segment.

The operations of the company are confined to India as well as outside India with export contributing to 65.49 % (P.Y. 38.98 %) of annual turnover. Hence in view of the management India and exports market represents different geographical segment.

6. Related Party Disclosure

List of related parties with whom transactions have taken place during the year and details of transactions is as follows.

a. Key Management Personnel

- Vinodbhai H. Kansagara

- Bharatbhai K. Ghodasara

b. Where Control Exist:

- Gujarat Cine Enterprise Pvt. Ltd.

c. Relative of Key Management Personnel

Name of Person Related Party Relation

- Kirtikant H Kansagara Brother of Key Management Personnel

- Arohi Ghodasara Relative of Director

- Avani Ghodasara Relative of Director

- Nayana Ghodasara Relative of Director

Note: List of transaction, out of the transactions reported in the above table, where the transactions entered in to with single party exceed the 10% of the total related Party transactions of similar nature are as under:

7. Balances are subject to confirmation.

8. Paisas are rounded up to the nearest rupee.

9. Balances of Debtors, Creditors, Advances and Liabilities have been taken as per books, are subject to reconciliation / confirmation and consequential adjustments, if any.

10. The Company is Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

11. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (P. Y. Rs. Nil).

12. The difference between excise duty on opening and closing stock of finished goods is recognized separately in the Statement of Profit & Loss.

13. During the year, the company has impaired the assets to the tune of Rs. Nil (P.Y. Rs. Nil).

14. Previous year''s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.

 
Subscribe now to get personal finance updates in your inbox!