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Notes to Accounts of Garodia Chemicals Ltd.

Mar 31, 2015

Disclosure under the Micro, Small and Medium Enterprises Development Act. 2006

The Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act 2006, have been identified on the basis of information available with the Company. There are no dues owing by the Company to The Micro, Small and Medium Enterprises at the yearend (at the end of the previous year Nil)

1. As per the agreement for Assignment of Debt executed on 13th July, 2007 between IDBI (Assignor) and Aaskha Holding Pvt Ltd (Assignee). IDBI has transferred it's rights of the amount receivable from the company to the assignee, Consequently the amount payable as per Books of Accounts of the company to the IDBI, have been transferred in the name of the assignee i.e. Aaskha Holdings Pvt Ltd.

2. The manufacturing activities have been suspended by the company and the plant is closed. In view of the same the Plant and Machinary, Office Equipments, furniture and Fixture have not been physically verified. The relevant records are yet to be maintained.

3. The company is accounting liability for excise duty on finished products as and when these are cleared as per consistent practice as also considering the accepted practice of the Excise Authorities. The liability in respect of finished products lying in stock at the close of the year which is estimated at Rs.2,39,556/- (Previous Year Rs. 2,39,556/-) has not been provided for in the accounts and hence, not included in the valuation of inventory of such products.

4. In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the interest payable on term loan facilities granted by IDBI and now taken over by Aaskha Holdings Pvt Ltd. The estimated amount of interest payable till 31st March, 2015 works out to Rs.165666039/- (previous year Rs.144830392/-). The company is pursuing the matter for one time settlement including waiver of interest. Balances of loans and interest payable are subject to confirmation.

5. Financial statements have been prepared in accordance with the fundamental accounting assumption that the company is a going concern.

6. Figures of the previous year have been regrouped or rearranged whever necessary.

RELATED PARTY DISCLOSURE

In terms of provisions of 'AS 18 ? Related party Transactions' the following disclosures are under:

A. List of Related Parties

Shri Mahesh Garodia (Director)

Shri Nishant Garodia (Individual having significant influence)

Garodia Sons Pvt. Ltd. (Enterprises over which significant influence is exercised by Directors)

Gordhandas Garodia (Individual having significant influence)

P. G. Trust (Enterprises over which significant influence is exercised by Directors)

Axis Ventures (Enterprises over which significant influence is exercised by Directors)


Mar 31, 2014

1 Disclosure under the Micro, Small and Medium Enterprises Development Act. 2006 The Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act 2006, have been identified on the basis of information available with the Company. There are no dues owing by the Company to The Micro, Small and Medium Enterprises at the year end (at the end of the privious year Nil)

2 As per the agreement for Assignment of Debt executed on 13th July, 2007 between IDBI (Assignor) and Aaskha Holding Pvt Ltd (Assignee). IDBI has transferred it''s rights of the amount receivable from the company to the assignee, Consequently the amount payable as per Books of Accounts of the company to the IDBI, have been transferred in the name of the assignee i.e. Aaskha Holdings Pvt Ltd.

3 The manufacturing activities have been suspended by the company and the plant is closed, In view of the same the Plant and Machinary, Office Equipments, furniture and Fixture have not been phycically verified. The relevant records are yet to be maintained.

4 The company is accounting liability for excise duty on finished products as and when these are cleared as per consistent practice as also considering the accepted practice of the Excise Authorities. The liability in respect of finished products lying in stock at the close of the year which is estimated at Rs.2,39,556/- (Previous Year Rs. 2,39,556/-) has not been provided for in the accounts and hence, not included in the valuation of inventory of such products.

5 In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the estimated amount of interest of Rs.4,40,52,899/- payable till 31st March 2014 (previous year Rs. 3,69,54,833/-) on different credit facilities granted by Central Bank of India as reflected in Note No. 5 above. The balances of loans and interest payable to Central Bank of India are subject to confirmation.

6 In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the the estimated amount of interest payable till 31st March, 2014 to Rs.14,48,30,392/- (previous year Rs.12,62,27,136/) on term loan facilities granted by IDBI and now taken over by Aaskha Holdings Pvt Ltd as reflected in Note No. 4 above. The company is persuing the matter for waiver of interest. The balances of loans and interest payable are subject to confirmation.

7 The liabilities to Central Bank of India for the various credit facilities granted as shown in Note No. 5 have been taken over by Phoenix Arc Pvt. Ltd. as per the agreement entered into by and between Central Bank of India and Phoenix Arc Pvt. Ltd. Phoenix Arc Pvt. Ltd. has served notice to company for recovery of dues of Rs.715.50 Lacs. The Company has disputed the agreement and has obtained stay of recovery from DRT. Phoenix Arc Pvt. Ltd. has taken the symbolic possession of mortgaged premises i.e. 2nd charge on factory and 1st charge on 1000 sq. ft. of office premise. The matter is pending with DRT for final hearing and disposal.

8 Contingent liabilities and commitments to the extent not provided for

Necessary disclosures have been made in Note No. 19 to 22

9 Financial statements have been prepared in accordance with the fundamental accounting assumption that the company is a going concern.

10 Figures of the previous year have been regrouped/recasted whever necessary


Mar 31, 2013

1 In view of heavy accumulated losses and suspension of the manufacturingactivities,no provision has been made for the interestpayable on different credit facilitiesgranted by CentralBank of India as reflected in Note No. 5 above. The estimated amount of interest Rs.3,69,54,833/- payable till 31st March 2013 ( previous year Rs.3,07,82,601/-). The balances of loans and interest payable to Central Bank of India are subject to confirmation.

2 In viewof heavy accumulated losses and suspension of the manufacturingactivities,no provision has been made for the interest payable on term loan facilitiesgranted by IDBI and now taken over by Aaskha Holdings Pvt Ltd as reflected in Note No. 4 above. The estimated amount of interest payable till 31st March, 2013 works out to Rs.12,62,27,136/-(previous year Rs.10,96,17,086/-) The company is pursuing the matter for waiver of interest. The balances of loans and interest payable are subject to confirmation.

3 The liabilitiesto Central Bank of India for the various credit facilitiesgranted as shown in Note No. 5 have been taken over by Phoenix Arc Pvt. Ltd. as per the agreemententered into by and between Central Bank of India and Phoenix Arc Pvt. Ltd. Phoenix Arc Pvt. Ltd. has served notice to company for recovery of dues of Rs.715.50 Lacs. The Company has not accepted the liabilityand has disputed the agreementand has obtained a stay of recovery from DRT. Phoenix Arc Pvt. Ltd. has taken the symbolic possession of mortgaged premises i.e. 2nd charge on factory and 1st charge on 1000 sq. ft. of office premiseowned by a Director.The matter is pending with DRT for final hearing and disposal.

4 Contingent liabilities and commitments to the extent not provided for : Necessary disclosures have been made in Note No. 20 to 23.

5 Financialstatements have been prepared in accordance with the fundamentalaccounting assumption that the company is a going concern.

6 Figures of the previous year have been regrouped or rearranged whever necessary.


Mar 31, 2012

Note : In view of Dimunition in value of investments, provision has been made of the full amount. In absense of any documents of the record, no additional information is given relating to the investments.

1.1 As per the agreement for Assignment of Debt executed on 13th July, 2007 between IDBI (Assignor) and Aaskha Holding Pvt Ltd (Assignee). IDBI has transferred it’s rights of the amount receivable from the company to the assignee, Consequently the amount payable as per Books of Accounts of the company to the IDBI, have been transferred in the name of the assignee i.e. Aaskha Holdings Pvt Ltd.

1.2 The manufacturing activities have been suspended by the company and the plant is closed, In view of the same the Plant and Machinary, Office Equipments, fUrniture and Fixture have not been phycically verified. The relevant records are yet to be maintained.

1.3 The company is accounting liability for excise duty on finished products as and when these are cleared as per consistent practice as also considering the accepted practice of the Excise Authorities. The liability in respect of Finished products lying in stock at the close of the year which is estimated at Rs.239556/- (Previous Year Rs. 239556) has not been provided for in the accounts and hence, not included in the valuation of inventory of such products.

1.4 In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the interest payable on different credit facilities granted by Central Bank of India as reflected in Note No. 2.4 above, The estimated amount of interest Rs.3,07,82,601/- payable till 31st March 2012 (previous year Rs.2,54,15,443/-). The balances of loans and interest payable to Central Bank of India are subject to confirmation. _

1.5 In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the interest payable on term loan facilities granted by IDBI and now taken over by Aaskha Holdings Pvt Ltd as reflected in Note No. 2.3 above. The estimated amount of interest payable till 31st March, 2012 works out to Rs.10,96,17,086/-(previous year Rs.9,47,86,684/- ) The company is persuing the matter for waiver of interest. The balances of loans and interest payable are subject to confirmation

1.6 The liabilities to Central Bank of India for the various credit facilities granted as shown in Note No. 2.4 have been taken over by Phoenix Arc Pvt. Ltd. as per the agreement entered into by and between Central Bank of India and Phoenix Arc Pvt. Ltd. Arc Pvt. Ltd. has served notice to company for recovery of dues of Rs.715.50 Lacs. The Company has disputed the agreement and has obtained stay of recovery from DRT. Phoenix Arc Pvt. Ltd. has taken the symbolic possession of mortgaged premises i.e. 2nd charge on factory and 1st charge on 1000 sq. ft. of office premise. The matter is pending with DRT for final hearing and disposal.

1.7 Contingent liabilities and commitments to the extent not provided for As at As at 31/03/2012 31/03/2011

Rs. Rs.

1.7.1 Contingent liabilities

a) Claims against the company not acknowledged as debt: NIL 62730

1.7.2 Commitments:

a) Estimated amount of contracts remaining to be executed NIL 1125000 on capital account and not provided for.

b) Uncalled liability on shares and other investments partly paid 625000 625000

1.8 Financial statements have been prepared in accordance with the fundamental accounting assumption that the company is a going concern.

1.9 The Unsecured loans from directors and from others as reflected in Note No. 2.4 under the head "Loans repayable on demand from others - Unsecured" are free of interest and hence, no provision is required to be made for the interest.

1.10 Figures of the previous year have been regrouped or rearranged wherever necessary.


Mar 31, 2011

1) Provision for tax is made on both current and deferred taxed. Current tax is provided on the taxable income using the applicable tax rates and tax laws. Deferred tax liabilities arising on account of timing difference and which are capable of reversals in subsequent period are provided using tax rates and tax laws tha have been enacted or subsequently enacted.

2) As per the agreement for Assignment of Debt executed on 13th July, 2007 between IDBI (Assignor) and Aaskha Holding Pvt Ltd (Assignee). IDBI has transferred it's rights of the amount receivable from the company to the assignee, Consequently the amount payable as per Books of Accounts of the company to the IDBI, have been transferred in the name of the assignee i.e. Aaskha Holdings Pvt Ltd.

3) Contingent liabilities not provided for in respect of:

I) Expenses in dispute Rs.62,730/- (Previous year Rs.62,730/-)

II) Uncalled amount on Investment in Shares Rs.625000/-. -(Previous year Rs.625000/-)

4) Estimated amount of contracts remaining to be executed on Capital account and not provided for (Excluding Advances)Rs. 11.25 Lakhs. (Previous Year RS.11.25 lacs)

5) Foreign Currency w

The Company has not incurred any expenses involving foreign exchange transaction.

6) Additional information pursuant to Notification No. GSR/12 dated. 22.2.99 relating to SSI undertakings has not been furnished as the same is not readily ascertainable.

7) The manufacturing activities have been suspended by the company and the plant is closed, In view of the same the Plant and Machinery, Office Equipments, furniture and Fixture have not been physically verified. The relevant records are yet to be maintained, in the accounts and hence not included in the valuation of inventory of such products.

8) The company is accounting liability for excise duty on finished products as and when these are cleared as per consistent practice as also considering the accepted practice of the Excise Authorities. The liability in respect of finished products lying in stock at the close of the year which is estimated at Rs.239556/- (Previous Year Rs. 239556) has not been provided in the for accounts and hence not included in the valuation of inventory of such products.

9) In view of heavy accumulated losses and suspension of the manufacturing activities No provision has been made for the interest payable on different credit facilities granted by Central Bank of India reflected in schedule -2 secured loan against hypothecation of stocks and book debts. The estimated amount of interest Rs.2,54,15,443/- payable till 31st March 2011 ( previous year Rs.2,15,81,759/-) 'The balances of loans and interest payable to Central Bank of India are subject are subject to confirmation.

10) In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the interest payable on term loan facilities granted by IDBI and now taken over by Aaskha Holdings Pvt Ltd as reflected in Schedule - 2 secured Loans. The estimated amount of interest payable till 31st March, 2011 works out to Rs.9,47,86,684/- (previous year Rs.5,91,66,562/-) The company is persuing the matter for waiver of interest. The balances of loans and interest payable are subject to confirmation.

11) The Unsecured loans from directors and from others as reflected in schedule 3, are free of interest and hence, no provision is required to be made for the interest The same are 'subject to confirmation.

12) Investments of Rs.155000/- (in Previous year Rs. 1,55,000/-) as reflected in schedule 6 are not supported by adequate documents and in respect of which adequate information is not available and hence required particulars have not been stated.

13) Inventories as reflected in schedule - 7 have no realisable value and no provision has been made for the same In view of the same no physical verification of the inventories has been carried out.

14) Balances of Sundry Debtors and Creditors are subject to Confirmations, major part of debtors are considered doubtful and have not been quantified and have not been provided for.

15) Advances and Deposits as reflected in Schedule 10 are subject to adequate documents and confirmations.

16) Cash on hand of Rs.5796/-as reflected in schedule - 9 is certified as correct by the managing director.

17) In view of the losses, no provision has been made for Income Tax.

18) Financial statements have been prepared in accordance with the fundamental accounting assumption that the company is a going concern.

19) Additional information pursuant to the provision of paragraph 3 & 4C of part II of schedule VI to the Companies Act, 1956. (As certified by the management)


Mar 31, 2010

1) Contingent liabilities not provided for in respect of :

I) Expenses in dispute Rs.62,730/- (Previous year Rs.62,730/-)

II) Uncalled amount on Investment in Shares Rs.625000/-. -(Previous year Rs.625000/-)

2) Foreign Currency Transactions:

The Company has not incurred any expenses involving foreign exchange transaction.

3) Additional information pursuant to Notification No. GSR/12 dated. 22.2.99 relating to SSI undertakings has not been furnished as the same is not readily ascertainable.

4) The manufacturing activities have been suspended by the company and the plant is closed, In view of the same the Plant and Machinery, Office Equipments, furniture and Fixture have not been physically verified. The relevant records are yet to be maintained.

5) The company is accounting liability for excise duty on finished products as and when these are cleared as per consistent practice as also considering the accepted practice of the Excise Authorities. The liability in respect of finished products lying in stock at the close of the year which is estimated at Rs.239556/- (Previous Year Rs. 239556) has not been provided for in the accounts and hence not included in the valuation of inventory of such products.

6) In view of heavy accumulated losses and suspension of the manufacturing activities No provision has been made for the interest payable on different credit facilities granted by Central Bank of India reflected in schedule -2 secured loan against hypothecation of stocks and book debts. The estimated amount of The balances of loans and interest payable to Central Bank of India are subject to confirmation.

7) In view of heavy accumulated losses and suspension of the manufacturing activities no provision has been made for the interest payable on term loan facilities granted by IDBI and now taken over by Aaskha Holdings Pvt Ltd as reflected in Schedule - 2 secured Loans. The estimated amount of interest payable till 31st March, 2010 works out to Rs.8,15,45,255/- (previous year Rs.6,97,22,549/-) The company is perusing the matter for waiver of interest. The balances of loans and interest payable are subject to confirmation.

8) The Unsecured loans from directors and from others as reflected in schedule 3, are free of interest and hence, no provision is required to be made for the interest The same are 'subject to confirmation.

9) Investments of Rs.155000/- (in Previous year Rs. 1,55,000/-) as reflected in schedule 6 are not supported by adequate documents and in respect of which adequate information is not available and hence required particulars have not been stated.

10) Inventories as reflected in schedule - 7 have no realisable value and no provision has been made for the same In view of the same no physical verification of the inventories has been carried out.

11) Balances of Sundry Debtors and Creditors are subject to Confirmations, major part of debtors are considered doubtful and have not been quantified and have not been provided for.

12) Advances and Deposits as reflected in Schedule 10 are subject to adequate documents and confirmations.

13) Cash on hand of Rs.63296/-as reflected in schedule - 9 is certified as correct by the managing director. *

14) In view of the losses, no provision has been made for Income Tax.

15) Financial statements have been prepared in accordance with the fundamental accounting assumption that the company is a going concern.

16) Additional information pursuant to the provision of paragraph 3 & 4C of part II of schedule VI to the Companies Act, 1956. (As certified by the management).

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