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Notes to Accounts of Garware Marine Industries Ltd.

Mar 31, 2015

1. As per the information available with the Company, there are no Micro and Medium Enterprises, as defined in the Micro small, Medium Enterprise Development Act 2006 to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

2. Contingent Liabilities :

The Company has filed a Company Application No.250 of 2014 in the High Court of Judicature at Bombay to seek validation of transfer of 14,99,988 Equity Shares of Global Offshore Services Limited held as investments. The hearing of the matter are yet to commence. Pending disposal of the matter, the Hon'ble High Court vide Order dated 15.12.2014 directed to the Company that "stats quo" should be maintained in respect of Shares.

Integrated Finance Co. Ltd. filed an Application to the Hon'ble High Court of Judicature of Bombay against the Company for non-payment of lease Rental of Rs.1,06,25,329/- (including the interest due as on 31.03.1999). The Company has filed a Counter Suit at Hon'ble High Court of Judicature of Bombay, (now transferred to Chennai) for Rs.1,93,78,667/- together with further interest on the said sum @ 18% p.a. for loss of Income.

Outcome of both the Suits are awaited.

3. In the opinion of the Board, current assets, loans and advances have a value at least equal to the amounts shown in the Balance Sheet, if realized in the ordinary course of business. The provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary.

4. Garware Nylons Limited has gone into liquidation and Bombay High Court has appointed Official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 42,550 equity shares and an amount of Rs 10,97,791/- recoverable from them is made in the accounts as the process of liquidation is not yet complete.

5. The Company has certified that the Company does not have any related party as per the requirement of accounting standard 18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

6. Segment Reporting

The Company is now engaged in only one type of business i.e. Repair of vessels and there are no separate reportable segment as per Accounting Standards AS-17 "Segment Reporting".

Earnings per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the Year.

7. To adhere to the provisions of section 2 (41) of the Companies Act, 2013 the Company has changed its accounting year. Accordingly, the current period accounts are for a period of 9 months ending 31st March, 2015 as against the previous year ( 12months ) ending 30th June,2014.

8. Previous year's figures have been regrouped / reclassified, to correspond with the current year's classification / disclosure.


Jun 30, 2014

1. As per the information available with the Company, there are no Micro and Medium Enterprises, as defined in the Micro small, Medium Enterprise Development Act 2006 to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

2. Contingent Liabilities in respect of :

Guarantees given by Bankers Rs. NIL Lacs. (Previous Year Rs. 0.36 Lacs)

3. In the opinion of the Board, current assets, loans and advances have a value of at least equal to the amounts shown in the Balance Sheet, if realized in the ordinary course of business. The provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary. There are no contingent liabilities other than those stated in Note No.22(1).

4. Reconciliation of Sundry Debtors has been completed in part and the same has been reflected in the Accounts.

5. Garware Nylons Limited has gone into liquidation and Bombay High Court has appointed Official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 42,550 equity shares and an amount of Rs 10,97,791/- recoverable from them is made in the accounts.

6. The Company has certified that the Company does not have any related party as per the requirement of accounting standard 18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

7. Principal Segments

The Company''s operations mainly relate to manufacture of Nylon Fish Knitted Fabrics and providing ship repair services. Accordingly, revenues segmental information set out above.

8. Segmental Capital Employed

Fixed Assets and Liabilities pertain to fishnet division of the Company. Accordingly, no disclosure relating to total segment assets and liabilities have been made.

Note :

Earnings per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the Year.

10. (a) The Board of Directors had announced a plan to dispose of Company''s Manufacturing Division at Ahmednagar.

The disposal is consistent with the Company''s long term strategy to focus its activities in the areas of port services, maintenance services, and to divest unrelated activities. During the year, the Company completed the sale of land and building at its Ahmednagar Plant as per the agreement for sale executed thereon. Concurrently it has also disposed off part of the Plant and Machinery till the year end. The balance unsold value of Plant and Machinery is recognized as "Assets Held For Sale" Rs. 1,15,26,662/- in the financial statement of which negotiations are in progress.

The Company has recognized capital gain of Rs.3,79,44,152/- before tax on sale of Land & Building and Plant & machinery at Ahmednagar Manufacturing Division.

The Company has recognized Rs. 5,52,72,948/- which has been paid during the year of employees of the manufacturing division on account of Voluntary Retirement Scheme (including Gratuity) offered by the Company.

(b) Profit and Loss account statement for continuing operations and discontinuing operations separately.

11. Previous year''s figures have been regrouped / reclassified, to correspond with the current year''s classification / disclosure.


Jun 30, 2013

1 Contingent Liabilities in respect of :

Guarantees given by Bankers Rs. 0.36 Lacs. (Previous Year Rs. 0.36 Lacs)

2 In the opinion of the Board, current assets, loans and advances have a value of at least equal to the amounts shown in the Balance Sheet, if realized in the ordinary course of business. The provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary. There are no contingent liabilities other than those stated in Note No.22(1).

3 Reconciliation of Sundry Debtors has been completed in part and the same has been refected in the Accounts.

4 Garware Nylons Limited has gone into liquidation and Bombay High Court has appointed Offcial Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 42,550 equity shares and an amount of Rs. 10,97,791/- recoverable from them is made in the accounts.

5 The Company has certifed that the Company does not have any related party as per the requirement of accounting standard 18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

Principal Segments

The Company''s operations mainly relate to manufacture of Nylon Fish Knitted Fabrics and providing ship repair services. Accordingly, revenues segmental information set out above.

Segmental Capital Employed

Fixed Assets and Liabilities pertain to fshnet division of the Company. Accordingly, no disclosure relating to total segment assets and liabilities have been made.

6 Previous year''s fgures have been regrouped / reclassifed, to correspond with the current year''s classifcation / disclosure.


Jun 30, 2010

1. Contingent Liabilities in respect of :

Guarantees given by Bankers Rs. 0.36 Lacs. (Previous Year Rs. 0.36 Lacs)

2 The Company has also applied for COB Licence for Nylon - Twine with capacity of 220 M.T. Although the installed capacity has been indicated as above most of the machines being common for different constructions and mesh sizes of Fish Knitted Fabrics manufactured by the Company, the installed capacity thus may vary from time to time.

The figures of installed capacity are as certified by a Director and accepted by the Auditors

3. Taxes on Income:-

Provision for deffered tax assets and deffered tax liability are not provided as per AS-22 as the Company has unabsorbed losses.

4. In the opinion of the Board, current assets, loans and advances have a value of at least equal to the amounts shown in the Balance Sheet, if realized in the ordinary course of business. The provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary. There are no contingent liabilities other than those stated in Note No.2.

5. Reconciliation of Sundry Debtors & Sundry Creditors has been completed in part and the same has been reflected in the Accounts.

6. Garware Nylons Limited has gone into liquidation and Bombay High Court has appointed Official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 42,550 equity shares and an amount of Rs 10,97,791/- recoverable from them is made in the accounts.

7. The Company has certified that the Company does not have any related party as per the requirement of accounting standard 18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

8. The amount received on account of conversion of warrants into equity shares allotted by way of Preferential allotment including premium (Rs. 16.76 lacs ) was utilised for the purpose of acquiring new machines.

9. As per the information available with the Company, there are no Micro and Medium Enterprises, as defined in the Micro small, Medium Enterprise Development Act 2006 to whom the Company owes on account of principal amount together with the interest and according no additional disclosures have been made.

Principal Segments

The Companys operations mainly relate to manufacture of Nylon Fishing Nets and providing ship repair services. Accordingly, revenues segmental information set out above.

Segmental Capital Employed

Fixed Assets and Liabilities pertain to fishnet division of the Company. Accordingly, no disclosure relating to total segment assets and liabilities have been made.

Note;

Earnings per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the Year.


Dec 31, 2000

1. Contingent Liabilities in respect of :

(a) Guarantees given by Bankers Rs. 8.43 Lacs. (Previous Year Rs. 8.43 Lacs)

(b) The Company has filed appeals before the Sales Tax Authorities against disputed demand of Rs.2,13,388/- related to the period of 1994-95. The Company has paid this demand under protest.

(c) The Sales Tax Authority of Kerala has raised a demand of Rs. 15,48,249/- in the respect of turnover of Fish Knitted Fabrics for the period from 1989-90 to 1991-92. The Companys Appeal against the order of Sales Tax Tribunal is pending before Kerala High Court. In view of the recent notification likely from the Kerala State Government and the Supreme Court judgement.no liability is expected.

(d) Central Excise duty on Fish Net Fabrics - (matter in appeal) Rs.31.72 Lacs. As per legal experts advice, the above amount is not payable.

2. (a) Share Issue Expenses and Commission on Non-Convertible Debentures Incurred has been identified by the Company as being of long term benefit and are being written off over a period of ten and seven years respectively. Accordingly an amount of Rs. 2,49,456/- was written off during the year and the balance of Rs. 11,64,133/- is being carried forward to be charged in future years. (b) Export development expenditure incurred on overseas trade fair and others amortised over 10 years as benefit of such expenditure is expected in future years. Accordingly an amount of Rs. 67,226/- was written off during the year and balance of Rs.1,51,270/- is carried forward to be charged in future years.

3. In the opinion of the Board, current assets, loans and advances have a value of at least equal to the amounts shown in the Balance Sheet, if realised in the ordinary course of business. The provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary. There are no contingent liabilites other than those stated in Note No.2.

4. Pursuant to Note No.8 forming part of accounts for the year ended 31.12.98, partywise reconciliation of Sundry Debtors and Sundry Creditors was completed by an independent firm of Chartered Accountants. Sundry Debtors are considered good as certified by the Management. Balances of Sundry Debtors and Sundry Creditors reflected in Balance Sheet are as per their respective control account.

5. Garware Nylons Limited has gone into liquidation and Bombay High Court has appointed official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 42,550 equity shares and an amount of Rs.1,05,87,676/- recoverable from them is made in the accounts.

6. The Principal amount due on Non-Convertible Debentures as claimed by U.T.I, is Rs.18.71 lacs as reflected in the Balance Sheet under secured loans. The Company is in dialogue with U.T.I, for a possible one time settlement / reschedulement. The liability on account of penal interest and liquidated damages cannot be ascertained at this juncture until the accounts are reconciled with them and an agreement for repayament is arrived at.

7. Amount of Rs.47.50 Lacs due to Bank of India Mutual Fund appearing under Unsecured Loans in the Balance Sheet is subject to confirmation. The date of redemption of the Debentures was 31st May,1998. The re-schedulement is not yet finalised as the Company is in dialogue with Bank of India Mutual Fund.

8. The Company has acquired Cylindrical Floats Moulds on lease for fixed primary period of 60 months from I.D.B.I, under Equipment Lease Scheme. Under Lease Agreement dated 05.05.1994 which has expired on 01.05.1999, no provisions has been made in the accounts for lease rentals amounting to Rs.21.39 Lacs and interest on arrears due to I.D.B.I., as the company is in dialogue with I.D.B.I. The same will be accounted for as and when finilised.

9. During the year, the Company has not provided for gratuity liability, estimated at Rs. 7,00,000/- since this is accounted as and when paid.

10. Advances recoverable in cash or kind are subject to confirmation.

 
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