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Notes to Accounts of Garnet International Ltd.

Mar 31, 2015

1. Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i. The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

2. Related party disclosures

Related party disclosures as required by Accounting Standard (AS) -18 "Related Party Disclosures", notified by Companies (Accounting Standards) Rules, 2006(as amended) are given below:

I) Names of related parties and description of relationships

a) Key Managerial Personnel (KMP)

Ramakant Gaggar Director

Suresh Gaggar Director

Sanjay Raut CFO

Kamlesh Gagavani Company Secretary

b) Relatives of KMP & Entities over which KMP exercises significant influence (with whom company has transactions during the year)

Indra Gaggar Relative of Director

Bhuta Investment Private Limited Associate Company

Alaukik Mines & Power Private Limited Entity controlled by Director

GVS Chemical Private Limited Entity controlled by Director

c) Holding / Subsidiary Company

Sukartik Clothing Private Limited Subsidiary Company

3. The Company has provided gratuity payable to its employees at full value without ascertaining the present value of future payment of gratuity as the Payment of Gratuity Act, 1972 is, in view of number of employees, not applicable to the company. The company has recognised as an expense, the short term benefits to its employees such as bonus, leave encashment etc.

4. The Company has disclosed the segment information in the consolidated financial statements, in accordance with Accounting Standard 17, Segment reporting.

5. The Company had NIL contingent Liability at the end of Financial Year 2014-15.

6. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2014

1. Share Capital

1.a Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i. The Company has only one class of Equity Shares having a par value of Rs. 10/- per share, Each holder of Equity Share is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

1.b Detailed note on Shares reserved to be issued under option and contract/commitments for the sale of shares/divestments including the terms and conditions.

The company does not have any such contracts/commitment as on reporting date.

1.c Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.

The Company does not have any securities covertible into shares as on reporting date.

2. Deferred tax Liabilities (Net)

* Deferred tax assets arising on losses has not been recognized in view of uncertainty in generating the profit in the future.

3. Short term borrowings

* All the above loans are interest free and repayable on demand.

4. Trade payables

* As per the information available with the Company in response to the enquiries from all existing suppliers with whom Company deals, none of the suppliers are registered as micro and small enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March 2014".

5. Other current liabilities

* There is no outstanding dues to be paid to Investor Education and Protection Fund.

6. Non-current invenstments

(*) stands in the name of one of the directors.

** The market value of quoted investments is based on the Bombay Stock Exchange quotations as on 31.03.2014 or nearest traded date, wherever available. The market value of shares, for which the quotations of the Bombay Stock Exchange were not available, has been considered as nil.

7. Cash and bank balances

* Earmarked against the corresponding provision.

8. Contingent Liabilities not provided for:

The disputed demand outstanding from the Assessment year 2005-06 to 2011-12 is Rs. 4,66,59,674/-. 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 provision has been made.

Also, RBK Share Broking Limited have demanded Rs. 15,00,000 as a penalty for late payment of margin money. However, Company has denied the same and accordingly no provision has been made.

9. Related party disclosures

Related party disclosures as required by Accounting Standard (AS)-18 "Related Party Disclosures", notified by Companies (Accounting Standards) Rules, 2006 (as amended) are given below:

Names of related parties and description of relationships:

a) Subsidiary Company

Sukartik Clothing Private Limited

b) Associate Company

Bhuta Investment Private Limited

c) Directors

Ramakant Gaggar Suresh Gaggar

d) Relative of directors

Indra Gaggar

Sarika Gaggar

e) Company in which directors have significant influence/control

Alaukik Mines & Power Pvt. Ltd.

10. The company has provided gratuity payable to its employees at full value without ascertaining the present value of future payment of gratuity as the Payment of Gratuity Act, 1972 is, in view of number of employees, not applicable to the company. The company has recognised as an expense, the short term benefits to its employees such as bonus, leave encashment.

11. The management is proposing to make applications for condonation for following non-compliances to the appropriate authorities:

(i) Loans & Advances, involving an amount of Rs. 82,00,000/- (year end outstanding Rs. 55,75,000/-) given by the company during the year, are in contravention of provisions of Section 295 of the Act;

(ii) Contracts of purchase and sale of shares and securities, amounting to Rs. 9,85,320/- and Rs. 3,32,820/- respectively entered into by the company at arm length prices during the year, are in contravention of provisions of section 297 of the Act;

12. The Company has reclassified previous year figures to conform to this year''s classification.


Mar 31, 2013

Note 1: Contingent Liabilites not provided for:

The disputed demand outstanding from the Assessment year 2005-06 to 2011-12 is Rs. 4,66,59,674/-. 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 ot substantially reduced and accordingly no provision has been made,

Note 2:The company has provided gratuity payable to its employees at full value without ascertaining the present value of future payment of gratuity as the Payment of Gratuity Act, 1972 is, in view of number of employees, not applicable to the company. The company has recognised as an expense, the short term benefits to its employees such as bonus, leave encashment etc.

Note 3: The management is proposing to make applications for condonation for following non-compliances to the appropriate authorities:

(i) Loans & Advances, involving an amount of Rs. 82,25,000/-,(year end outstanding Rs. 82,25,000/-! given by the company during the year, are in contravention of provisions of Section 295 of the Act;

(ii) Contracts of purchase and sale of shares and securities, amounting to Rs. 3,67,487.20/- and f 32,46,584,94/- respectively entered into by the company at arm length prices during the year, are in contravention of provisions of section 297 of the Act;

Note 4 : The Company has taken office premises on leave and license basis. The same is not non-cancellable and for a period of 11 months and renewable at the mutual consent.at mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with agreed terms. No rentals are payable on such lease

Note 5: The Company has reclassified previous year figures to conform to this year''s classification


Mar 31, 2012

Note 1:The company has provided gratuity payable to its employees at full value without ascertaining the present value of future payment of gratuity as the Payment of Gratuity Act, 1972 is, in view of number of employees, not applicable to the company. The company has recognised as an expense, the short term benefits to its employees such as bonus, leave encashment etc.

Note 2: The management is proposing to make applications for condonation for following non-compliances to the appropriate authorities:

(i) Loans & Advances, involving an amount ofRs. 15058300/-,(year end outstanding Rs. 13250000/-) given by the company during the year, are in contravention of provisions of Section 295 of the Act;

(ii) Contracts of purchase and sale of shares and securities, amounting to Rs. 86213380/- and Rs. 49049060/- respectively entered into by the company at arm length prices during the year, are in contravention of provisions of section 297 of the Act;

Note 3 :During the year the Company has taken office premises on leave and license basis. The same is not non-cancellable and for a period of 11 months and renewable at the mutual consent at mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with agreed terms. No rentals are payable on such lease

Note 4:During the year ended 31st March, 2012 the Revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2010

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if recognize in the ordinary course of business. The provision for all the known liabilities is adequate.

2. Figures of the previous year have been regrouped, rearranged and recasted to make them comparable with the figures of the current year.

3. In the financial statements, any discrepancies in any total and the sum of the amounts listed are due to rounding off.

5. No managerial remuneration has been paid to any of its director, hence, no computation of managerial remuneration u/s. 349 of the Companies Act. 1956 is given.

6. As per the information available with the Company in response to the enquiries from all existing suppliers with whom Company deals, none of the suppliers are registered as micro, small or medium enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March 2010.

7. The market value of quoted investments are based on the quotations of the Stock Exchange, Mumbai as on 31.03.2010 wherever available or the nearest date to the close of year.

8. The company has given 200000 equity shares of Suryajyoti Spinning Mills Limited, held as investments, by way of security to VSB Investment Private Limited, towards margin for trading in shares and securities.

9. Related Party Disclosure:

(a) Where control exists: Nil

(b) Persons having, directly or indirectly, significant influence over the enterprise:

(i) Shri Suresh Gagger (ii) Shri Ramakant Gaggar (Mi) Shri Deven Mehta

(c) Other related parties/enterprises where transactions have taken place:

(i) Pals Overseas Private Limited

(ii) Noble Impex

(iii) S. ]. Impex

(iv) Bhuta Investment Private Limited

(v) Maxwell Management Services Private Limited

(vi) Sukartik Export Private Limited

(vii) Vakrangi Softwares Limited

(viii) Reliable Reality Pvt. Ltd.

(ix) Evergreen Infotech & Datacom Pvt. Ltd.

(x) Senorita Impex Pvt. Ltd.

(xi) Amgis Holding Pvt. Ltd.

(xii) Noble Impex (I)

(xiii) Sarika Gaggar

(xiv) Minex Explore Pvt. Ltd

(xv) Sukartik Clothing Pvt. Ltd.

10. Sundry Debtors include the following amounts due from directors, their relatives, other parties and companies in which directors or their relatives are interested as proprietors, partners or directors.

11. Contingent liabilities not provided for: NIL

12. The Company has provided gratuity payable to its employees at full value without ascertaining the present value of future payment of gratuity as the Payment of Gratuity Act, 1972 is, in view of number of employees, not applicable to the Company. The Company has recognized as an expense, the short term benefits to its employees such as bonus, leave encashment etc.

13. Additional information pursuant to the provisions of paragraph 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956 (figures in bracket indicate previous year figures):

(v) Notes:

Figures of purchases and sales of shares and securities are exclusive of intra-day and transactions.

-The class of items traded in shares and securities, the details of opening and closing stock have been given as an additional information.

14. Balance Sheet abstract and Companys General Business Profile pursuant to part VI to the Companies Act, 1956.

V. Generic Names of Principal Products of Company (as per monetary terms)

1. Dealing in shares and securities

2. Making investments

 
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