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Notes to Accounts of Gandhi Special Tubes Ltd.

Mar 31, 2015

A) Rights, preferences and restrictions attached to equity shares :

The Company has one class of equity shares having a par value of Rs. 5/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

B) Details of shares held by each shareholder holding more than 5% shares:

Note Particulars 31/03/2015 31/03/2014

2 CONTINGENT LIABILITIES AND COMMITMENTS

(I) CONTINGENT LIABILITIES

(a) Claims against the Company not acknowledged as debt :

i) Excise / Service Tax matters under disputes 2,48,20,338 1,91,02,251

ii) Sales Tax demand disputed by the Company 25,23,477 25,34,394

(b) Counter Guarantees given by the Company to the bankers for Bank Guarantees 1,00,00,000 1,75,00,000

(II) COMMITMENTS

Estimated amount of contracts (net of advances) remaining to be executed on capital account - 17,20,584 and not provided for on Tangible assets

(III) The Income Tax assessments of the Company have been completed upto assessments year 2012- 13. The total disputed demand is Rs. 4,87,61,011/- (P.Y. Rs. 4,38,77,391/-). The Company has deposited Rs. 4,68,93,440/- (P.Y. Rs. 3,19,49,820/-) against the same. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be deleted. However, as an abundant caution the Company has made provision for the same.

25 Effective April 1, 2014 the Company has changed the estimated useful life of assets in line with the recommended useful life as per Part C of Schedule II to the Companies Act, 2013. As per para 7 (b) of Notes to Part C, where the remaining 'useful life' of an asset as on the effective date is Nil, the carrying amount of the asset should be recognised in the retained earnings. Accordingly, the carrying amount as on April 1, 2014 of Rs. 3,65,905/- (Net of Deferred Tax of Rs. 1,88,412/-) has been adjusted against Surplus / (Deficit) in statement of Profit and Loss.

3 THE DETAILS OF AMOUNT DUE TO MICRO, SMALL AND Nil Nil MEDIUM ENTERPRISES BASED ON INFORMATION AVAILABLE WITH THE COMPANY AND RELIED UPON BY AUDITORS

The Company has disclosed Business Segments as the primary segment. There are no secondary segments. Segments have been identified taking into account the nature of the product, the differing risk and returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacture of Steel Tubes. Other segments comprise of manufacture of Nuts.

Segment Revenue, Segment Result, Segment Assets and Segment Liabilities include respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses which are not directly relatable to the business segments, are shown as unallocated expenses. Assets and liabilities that can not be allocated between the segments are shown as unallocated assets and liabilites respectively.

Notes :

Related parties relationship is as identified by the Company on the basis of information available with them and accepted by the Auditors.

4 PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified, wherever necessary to correspond with the current year's clasification / disclosure.


Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS

(I) CONTINGENT LIABILITIES 31-03-2013 31-03-2013 Rs. Rs. (a) Claims against the Company not acknowledged as debt:

i) Excise/Service Tax matters under disputes 1,65,18,114 1,16,31,506

ii) Sales Tax demand disputed by the Company 27,10,620 25,23,477

(b) Counter Guarantees given by the Company to the bankers 1,30,00,000 1,02,00,000 for Bank Guarantees

(c) Letter of Credits issued by the Bank 4,50,50,474 5,70,57,339



(II) COMMITMENTS

Estimated amount of contracts remaining to be executed on 6,85,37,509 3,25,63,885 capital account and not provided for on Tangible assets

(III) The Income Tax assessments of the Company have been completed upto A.Y. 2010-11. The total disputed demand is Rs. 2,31,49,820/- (P.Y. Rs. 1,23,19,440/-). The Company has deposited Rs. 1,77,19,440/- (P.Y. Rs. 65,00,000/-) against the same. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be deleted and accordingly no provision has been made.

2 PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified, wherever necessary to correspond with the current year''s clasification / disclosure.


Mar 31, 2012

Note Particulars 31-03-2012 31-03-2011 No Rs Rs

01 CONTINGENT LIABILITIES AND COMMITMENTS

(I) CONTINGENT LIABILITIES

(a) Claims against the Company not acknowledged as debt:

i) Cenvat/Service Tax Credit under disputes by Excise 3,918,242 2,907,295 authorities

ii) Excise demand disputed by the Company 7,713,264 5,799,625

iii) Sales Tax demand disputed by the Company 2,523,411 2,523,411

iv) Professional fees - 166,000

(b) Counter Guarantees given by the Company to the bankers 10,200,000 6,906,900 for Bank Guarantees

(c) Letter of Credits issued by the Bank 57,057,339 14,667,296

(II) COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for on Tangible assets 32,563,885 6,197,684

(III) The Income Tax assessments of the Company have been completed upto Assessment Year 2009- ID. The disputed demand outstanding upto the said Assessment Year is Rs.1,23,19,440/-. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provison has been made.

2 PREVIOUS YEAR FIGURES

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclouser and presentation made in the financial statements. Previous year figures have been regrouped, rearranged and reclassified, wherever necessary to correspond with the current year's clasification /disclosure.


Mar 31, 2011

2010-2011 2009-2010 Rs. In Lacs Rs. In Lacs

1). CONTINGENT LIABILITIES

a) Claims against the Company not acknowledged as debt:

i) Cenvat/Service Tax Credit under disputes by Excise authorities 29.07 56.55

ii) Excise demand disputed by the Company 57.99 28.98

iii) Sales Tax demand disputed by the Company 25.23 25.23

iv) Professional Fees 1.66 -

b) Counter Guarantees given by the Company to the bankers for Bank Guarantees 69.07 50.00

c) Letter of Credits issued by the Bank 146.67 -

2) RELATED PARTY DISCLOSURES

A) NAME OF RELATED PARTIES AND RELATIONSHIP

Name Relationship

1) Mr. M.G. Gandhi Key Management Personnel(KMP)

2) Mr. B.G.Gandhi Key Management Personnel(KMP)

3) Mr. J.M. Gandhi Relative of KMP

4) Jaishri Engineering Co. Pvt. Ltd. Significant influence by KMP

5) Gandhi Finance Co. Pvt. Ltd. Significant influence by relatives of KMP

6) B.M. Gandhi Investment Co. Pvt. Ltd. Significant influence by relatives of KMP

7) Randeep Exports Significant influence by KMP/ relatives of KMP

3) Previous Year figures have been regrouped, rearranged and reclassified, wherever considered necessary.


Mar 31, 2010

2009-2010 2008-2009 Rs.In Lacs Rs.In Lacs 2).Estimated amount of contracts remaining to be executed on Capital Accounts and not provided for (Net of Advance) 3.30

3).CONTINGENT LIABILITIES

a)Claims against the Company not acknowledged as debt :

i)Cenvat/Service Tax Credit under disputes by Excise authorities 56.55 27.89 ii)Excise demand disputed by the Company 28.98 29.39 iii)Sales Tax demand disputed by the Company 25.23 25.23

b)Counter Guarantees given by the Company to the bankers for Bank Guarantees 50.00 80.73

2) DUE TO MICRO AND SMALL ENTERPRISES

Amount outstanding for more than 45 days.

The above information and that given in Schedule 11 - "Current Liabilities" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

3) Previous Year figures have been regrouped, rearranged and reclassified, wherever considered necessary.

 
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