Mar 31, 2015
1. The disclosure required under Micro Small and Medium Enterprises
Development Act 2006 (MSMED Act) has not been given since
classification with respect to MSME and Others is not available and
hence not given herein above.
2. Contingent Liabilities are not recognized but are disclosed in
financial statements. Provision involving substantial degree of
estimation in measurement is recognized when there is present
obligation as a result of past events and it is probable that there
will be an outflow of resources. Contingent liabilities are not
recognized but are disclosed in the notes.
Mar 31, 2014
Corporate Information
Garware Synthetics Limited is a Manufacturer of Nylon Monofilaments.
Note 1.1 - Contingent Liabilities Note Particulars
1.1.1 Contingent Liabilities are not recognised but are disclosed in
financial statements. Provision involving substantial degree of
estimation in measurement is recognized when there is present
obligation as a result of past events and it is probable that there
will be an outflow of resources. Contingent liabilities are not
recognized but are disclosed in the notes.
PARTICULARS 2013-14 2012-13
Rs. Rs.
1.1.2 Contingent liabilities and commitments
(to the extent not provided for)
Contingent liabilities
(a) Claims against the Company not acknowledged
as debt
(Excluding interest claimed by the parties ) 1265509 1265509
(b) Penalty on TDS u/s 234E Constitutional Validity has been challenged
in the Kerala Court in case of Narath mapila LP School v/s UOI & Vide
Interim Order dated 18.12.2013 the High court has admitted the petition
& granted a stay of proceedings. 42400 40200
Note 2 - Disclosure under MSMED Act 2006
2.1 The disclosure required under Micro Small and Medium Enterprises
Development Act 2006 (MSMED Act) has not been given since
classification with respect to MSME and Others is not available and
hence not given herein above.
Mar 31, 2013
1. Previous year figures are regrouped wherever necessary to make them
comparable with the figures of the current year.
2. Balances of loans/advances/ sundry creditors and debtors are
subject to confirmation and adjustment if any.
3. In the opinion of Board of Directors the Current Assets, Loans and
advances are stated at net realizable value in the ordinary course of
business.
4. During the year, company has written back its few creditors, as the
amount payable was under dispute, however during the year the decision
was in favor of company and to that extend amount has been written
back.
5. Certain legal cases are pending with the court of law, the quantum
of the same is not ascertainable. However, the management is of the
opinion that, decision of the court will be in favor of the company.
6. There are certain banks accounts which are non-operative for a
longer period and bank statements are not available and the balances of
such bank accounts are subject to reconciliation if any.
7. In the absence of adequate information regarding the SSI Creditors,
the Company is unable to give full particulars as required by
Notification No. GSR - 376 (E) dated 22nd May 2002 issued by the
Department of Company Affairs, Ministry of Law and Justice and Company
Affairs.
8. Aggregate Managerial Remuneration under Section 198 of the
Companies Act,1956 paid or provided for during the year to the Managing
Director and other directors is Rs.3,96,565/- (P.Y. Rs.3,46,200/-).
9. In view of absence of adequate profits in terms of Section 349 and
309 of the Companies Act, 1956 commission is not payable to the
Managing Director.
10. Remuneration paid to Auditor during the Current Year is Rs.
84,270/- (P.Y. Rs. 84,270/-).
11. Unless otherwise stated, in the opinion of the Board of Directors,
the current assets, loans and advances are approximately of the value
if realized in the ordinary course of business. The provisions for all
known liabilities made are adequate and are neither short nor in excess
of the amount reasonably necessary.
12. Balances amounting to Rs. 6,70,691/- (P.Y. 5,28,816/-) with
various banks are subject to confirmation and reconciliation (if any).
13. Figures in Brackets in the Notes forming part of the accounts
relate to the previous year.
Mar 31, 2012
1. The balances of Sundry Debtors, Creditors and advances are subject
to confirmation. Adjustment including provision/write off if any,
required in accounts will be made on final reconciliation and/or
settlement.
2. No provision has been made for tax in the absence of taxable
profit.
3. In the absence of adequate information regarding the SSI Creditors,
the Company is unable to give full particulars as required by
Notification No. GSR - 376 (E) dated 22nd May 2002 issued by the
Department of Company Affairs, Ministry of Law and Justice and Company
Affairs.
4. Aggregate Managerial Remuneration under Section 198 of the
Companies Act, 1956 paid or provided for during the year to the Whole
time Director and other directors is Rs. 3,82,956/- (P.Y. Rs.
3,46,200/-)-
5. Contingent Liability Not provided:
- The Company is not enjoying any credit facilities from Bank Of
Baroda and Indian Overseas Bank and there is no outstanding amount to
its banker as full and final one time settlement is made during the
year.
- The company has filed an appeal with DART (Debt Appellate Recovery
Tribunal) against Bank of Baroda for the surplus amount paid to the
extent of Rs. 32.00 Lacs.
6. Deferred Taxation
- Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. In situations
where the company has unabsorbed depreciation or carry forward tax
losses ,all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realised
against future taxable profits
- In view of accounting standard 22, the incidence of Deferred Tax
Assets on the company for the year under audit is Rs. 17,65,111/-
7. Revaluation of plant and machinery and building has been made
during the year ended 31st March, 1992 on the basis of valuation report
submitted by Mr. V.S. Pandit. The increase in value of these assets
amounting to Rs. 14.79 Crores has been credited to the Capital Reserve.
8. Remuneration paid to Auditor during the Current Year is Rs.
84,720/- (P.Y. Rs. 66180/-).
9. Unless otherwise stated, In the opinion of the Board of Directors,
the current assets, loans and advances are approximately of the value
if realised in the ordinary course of business. The provisions for all
known liabilities made are adequate and are neither short nor in excess
of the amount reasonably necessary.
10. Revaluation of plant and machinery and building has been made
during the year ended 31st March, 1992 on the basis of valuation report
submitted by Mr. V.S. Pandit. The increase in value of these assets
amounting to Rs. 14.79 Crores has been credited to the Capital Reserve.
11. Balances amounting to Rs. 5,27,816 /- (P.Y. 10,85,795/-) with
various banks are subject to confirmation and reconciliation (if any).
12. Figures in Brackets in the Notes forming part of the accounts
relate to the previous year.
13. Previous year figures have been re-grouped/re-arranged wherever
necessary to make them comparable with current year figures.
Mar 31, 2011
1. Contingent Liability not provided for:
- The Company has provided corporate guarantee for loan taken by
others, the terms and conditions whereof are prima facie prejudicial to
the interest of the company. The said loan is defaulted by the company.
- Bank of Baroda and Indian Overseas Bank has filed a Suit in Debt
Recovery Tribunal for recovery of advances granted by them. However One
Time Settlement has been negotiated and 30% of Settlement amount has
already deposited with the Bank. However no provision has been made in
the books for the interest on both these borrowings.
2. SEGEMNT REPORTING:
Geographical Segment
CompanyÃs entire business is conducted within India but there are no
separate reportable geographical segments.
3. Related party Disclosures : No any transaction has taken place
during the year with related parties.
4. The balances of Sundry Debtors, Creditors and advances are subject
to confirmation. Adjustment including provision/write off if any,
required in accounts will be made on final reconciliation and/or
settlement.
5. No provision has been made for tax in the absence of taxable
profit.
6. In the absence of adequate information regarding the SSI Creditors,
the Company is unable to give full particulars as required by
Notification No. GSR - 376 (E) dated 22nd May 2002 issued by the
Department of Company Affairs, Ministry of Law and Justice and Company
Affairs.
7. Aggregate Managerial Remuneration under Section 198 of the
Companies Act, 1956 paid or provided for during the year to the
Managing Director and other directors is Rs.3,46,200 /- (P.Y.
Rs.3,30,372/-).
8. In view of absence of adequate profits in terms of Section 349 and
309 of the Companies Act, 1956 commission is not payable to the
Managing Director.
9. Remuneration paid to Auditor during the Current Year is Rs. 66180/-
(P.Y. Rs. 66180/-).
10. Unless otherwise stated, In the opinion of the Board of Directors,
the current assets, loans and advances are approximately of the value
if realised in the ordinary course of business. The provisions for all
known liabilities made are adequate and are neither short nor in excess
of the amount reasonably necessary.
11. Balances amounting to Rs. 10,85,795/- (P.Y. 14,35,188/-) with
various banks are subject to confirmation and reconciliation (if any).
11. Figures in Brackets in the Notes forming part of the accounts
relate to the previous year.
12. Previous year figures have been re-grouped/re-arranged wherever
necessary to make them comparable with current year figures.
Mar 31, 2010
1. Contingent Liability not provided for:
- The Company has provided corporate guarantee for loan taken by
others, the terms & conditions whereof are prima facie prejudicial to
the interest of the company. The said loan is defaulted by the company.
- Bank of Baroda and Indian Overseas Bank has filed a Suit in Debt
Recovery Tribunal for recovery of advances granted by them. However One
Time Settlement has been negotiated and 30% of Settlement amount has
already deposited with the Bank. However no provision has been made in
the books for the interest on both these borrowings.
2. SEGEMNT REPORTING:
Geographical Segment
Company's entire business is conducted within India but there are no
separate reportable geographical segments.
3. Related party Disclosures : No any transaction has taken place
during the year with related parties.
4. The balances of Sundry Debtors, Creditors and advances are subject
to confirmation. Adjustment including provision/write off if any,
required in accounts will be made on final reconciliation and/or
settlement.
5. No provision has been made for tax in the absence of taxable
profit.
6. In the absence of adequate information regarding the SSI Creditors,
the Company is unable to give full particulars as required by
Notification No. GSR - 376 (E) dated 22nd May 2002 issued by the
Department of Company Affairs, Ministry of Law & Justice and Company
Affairs.
7. Aggregate Managerial Remuneration under Section 198 of the
Companies Act, 1956 paid or provided for during the year to the
Managing Director and other directors is Rs.3,30,372 /- (P.Y.
Rs.4,32,720/-).
8. In view of absence of adequate profits in terms of Section 349 and
309 of the Companies Act, 1956 commission is not payable to the
Managing Director.
9. Remuneration paid to Auditor during the Current Year is Rs. 66180/-
(P.Y. Rs. 66180/-).
10. Unless otherwise stated, In the opinion of the Board of Directors,
the current assets, loans & advances are approximately of the value if
realised in the ordinary course of business. The provisions for all
known liabilities made are adequate and are neither short nor in excess
of the amount reasonably necessary.
11. Balances amounting to Rs. 12,88,557/- (P.Y. 16,21,148/-) with
various banks are subject to confirmation and reconciliation (if any).
12. Figures in Brackets in the Notes forming part of the accounts
relate to the previous year.
13. Previous year figures have been re-grouped/re-arranged wherever
necessary to make them comparable with current year figures.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article