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Notes to Accounts of GEI Industrial Systems Ltd.

Mar 31, 2014

1. Terms / rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.10 per share and are ranking pari-passu amongst them. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the company has not declared any dividend on equity shares

2. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactins with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:_

Sr. No. Name of the Related Party Relationship

1 GEI Power Limited Subsidiary Company

2 Vemaa Industries Limited Enterprises Related to Key Management Personnel

3 JBL Engineering Pvt. Ltd. Enterprises Related to Key Management Personnel

4 Mr. C E Fernandes Key Management Personnel

5 Mr. Bernard John Key Management Personnel

6 Mr. P L Mundhra Key Management Personnel

7 Mr. Robinson Fernandez Key Management Personnel

3. CONTINGENT LIABILITIES AND COMMITMENTS As at As at 31st March, 2014 31st March, 2013

(i) Contingent Liabilities

(A) Claims against the company not acknowledged

as debts NIL NIL

Income Tax 3576166 15723813

Sales Tax 6783704 6888704

Interest cost not considerd from the date of litigation against the litigation filed by the lenders & Bank 105383183

(B) Guarantees

(i) guarantees to banks and financial institutions against credit facilities extended to third parties (Corporate guarantee given to bank / financial institutions against loans to subsidiary company GEI Power Limited) 1157575000 1157575000

(ii) Performance Guarantees NIL NIL

(a) In respect of joint ventures

(b) In respect of others 997871380 1076865317

(iii) Outstanding guarantees furnised to Banks and financial institutions including in respect of letters of credits

(a) In respect of joint ventures NIL NIL

(b) In respect of others NIL NIL

(C) Others Money for which the company is contingently liable

(i) Liability in respect of bills discounted with banks (Including third party bills discounting)

(a) In respect of joint ventures NIL NIL

(b) In respect of others

(II) Commitments

(A) Estimated amount of contacts remaining to be executed on capital account and not provided for:

Tangible assets NIL NIL

Intangible assets N,L NIL

(B) Uncalled Liability on shares and other investments

partly paid NIL NIL

(C) Others commitments

(a) Sales tax deferred liability assigned NIL NIL

(b) Guarantee against future cash calls* NILp

Mar 31, 2012


31.03.2012 31.03.2011

(I) Contingent Liabilities

(A) Claims against the Company, not acknowledged as debts

Income Tax 143244445 6532306

Sales Tax 6721845 4234344

The Income tax Assessment of the Company have been completed upto Assessment Year 2009 - 2010. A disputed demand of Rs.139870903 has been related A.Y. 2008 - 2009 & 2009 - 2010 on the basis of apparent errors in the order the Company has been legally adviced that demand is likely to be deleted by appropriate authorities and accordingly no provision is required to be made.

Mar 31, 2011

1 The Company operates in two business segments viz. "Air Cooled Heat Exchangers & Finned Tubes" and "Power Transmission Projects".

Segment Reporting

As per Para 27 of AS 17 (segment reporting), a reportable segment is identifed if its revenue from sale is 10% or more of the total revenue of all the segments, whether profit or loss is 10% or more of the combined result of all segments in profit or combined result of all segments in loss. Accordingly, Power Transmission Projects which constitute 1.05% of total revenue, is not reported as a separate segment.

2Contingent Liabilities

All liabilities have been provided for in the accounts except liabilities of a contingent nature, which have been disclosed at their estimated value as under :

(Amount in Rs.) i) Guarantees and/or counter guarantees given by Banks 1147018218/-

ii) Corporate Guarantee given to financial institutions against loans to subsidiary company GEI Power Limited

IDBI Bank Ltd 440000000

Union Bank of India 300000000

L&T Finance Ltd 8100000

3 Related Party disclosure

Related party disclosures as required by AS-18 - "Related Party Disclosures" are given below:

i) Key Management Personnel (KMP) Mr. C E Fernandes

Mr. Bernard John

Mr. P.L.Mundhra Mrs. Everlyn Fernandes

Mr. D.Laxminarayan

Ms. Irene Valentine

# Parties in which one or more of the Key Management Personnel(KMP) are interested.

* The Company has invested in shares of GEI Power Limited, a wholly owned subsidiary company in accordance with the resolution passed by the Board of Directors on 27.12.2007 and 14.07.2009

4 Previous year's figures have been regrouped/rearranged wherever necessary to conform to the current years' classification.

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