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Notes to Accounts of Gem Spinners India Ltd.

Mar 31, 2015

1. EMPLOYEE BENEFIT PLANS

2. The debit and credit balances of parties are subject to confirmation.

3. In the absence of taxable income as per the provisions of the Income Tax Act, 1961, no provision has been made for taxation in the accounts.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

5. Interest on others in Schedule – 12 is net of interest income of Rs. 1.17 Lakhs (Nil)

6. Disclosure under Accounting Standard 17 – SEGMENT REPORTING

7. Previous years' figures have been regrouped and rearranged wherever necessary so as to confirm the current years' presentation. Figures in brackets represent previous years' figures.

8. Loans and Advances for the year under report from the Group Company is Nil.


Mar 31, 2014

1. CORPORATE PROFILE:

Gem Spinners India Limited was incorporated as a Public Limited Company on 18th October 1990. The Company''s shares are listed in Madras and Bombay Stock Exchanges.

The Company has set up a plant for the Manufacture of Cotton yarn and Grey Fabrics at Mangalam Village, Kancheepuram District, Tamil Nadu.

2. Contingent Liabilities: Rs.61.52 Lakhs ( Rs.40.11 Lakhs)

3. EMPLOYEE BENEFIT PLANS

The following table set out the status of the gratuity plan as required under AS 15

4. The debit and credit balances of parties are subject to confirmation.

5. In the absence of taxable income as per the provisions of the Income Tax Act, 1961, no provision has been made for taxation in the accounts.

6. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

7. Disclosures in respect of provisions pursuant to Accounting standard - 29

8. Interest on others in Note -14 is net of interest income of Rs. Nil (Rs.7.03 Lakhs)

9. Disclosure under Accounting Standard 17 - SEGMENT REPORTING

10. Loans and Advances for the year under report from the Group Company is Nil

11. Earnings Per Share:

12. Disclosure in respect of related Parties pursuant to Accounting Standard 18 is disclosed in Corporate Governance in Item No.5.

13 Additional Information pursuant to Part II of Schedule VI to the Companies Act, 1956.

A) Sales, Production and Stocks

B) Traded Goods (Cotton Yarn)

C) Raw Material Consumed

D) Value of Imports calculated on CIF basis

E) Value of Consumption - Stores, Spares and Packing Materials

F) Expenditure in Foreign Currency (on remittance basis)

G) Earnings in Foreign Exchange

FOB value of goods exported - Rs. 1297.60 Lakhs (Rs.1016.68 Lakhs)

14. Sitting Fees to Directors - Rs.30000 (Rs.36000)

15. AUDITORS'' REMUNERATION (Rs. in Lakhs)


Mar 31, 2013

1. A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent liabilities are disclosed in the notes to accounts and are determined based on the management perception

2. Contingent Liabilities: Rs. 40.11 Lakhs (Nil) 2. EMPLOYEE BENEFIT PLANS

The following table set out the status of the gratuity plan as required under AS 15

The Company has recognized the following amounts in the Profit & Ldss Account for the year:

3. The debit and credit balances of parties are subject to confirmation.

4. In the absence of taxable income as per the provisions of the Income Tax Act, 1961, no provision has been made for taxation in the accounts.

5. The inventories are valued as per the Accounting Standard - 2 (Valuation of inventories) issued by the Institute of Chartered Accountants of India (ICAI)

6. Account of certain creditors, debtors and advances given are subject to confirmation and reconciliation / adjustment, if any. However, in the opinion of management, there would not be any material impact on the financial statements.

7. The Company has not received any intimation from suppliers regarding their status under the'' Micro, Small and Medium enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

8. i) Foreign Exchange difference (Net) credited to Profit and Loss Account Rs. 7.70 Lakhs.

(Previous Year: Credit Rs.13.97 Lakhs).

ii) The Company uses Forward Exchange Contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transaction. The Company doe''s not enter into any such instruments for trading or speculative purpose. ,_ «

iii) The year end foreign currency exposures that have not been hedged are given below:


Mar 31, 2012

1. The debit and credit balances of parties are subject to confirmation.

2. In the absence of taxable income as per the provisions of the Income Tax Act, 1961, no provision has been made for taxation in the accounts.

3. The inventories are valued as per the Accounting Standard - 2 (Valuation of inventories) issued by the Institute of Chartered Accountants of India (ICAI)

4. Account of certain creditors, debtors and advances given are subject to confirmation and reconciliation/adjustment, if any. However, in the opinion of management, there would not be any material impact on the financial statements.

5. i. Foreign Exchange difference (Net) credited to Profit and Loss Account Rs. 13.97 Lakhs.

(Previous Year : Credit Rs. 43.04 Lakhs).

ii. The Company uses Forward Exchange Contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transaction. The Company does not enter into any such instruments for trading or speculative purpose.

6. Interest on others in Schedule - 12 is net of interest income of Rs. 7.77 Lakhs (Rs. 10.13 Lakhs) Tax deducted at source thereon Rs. 0.92Lakhs (Rs. 0.88 Lakhs)

7. Loans and Advances for the year under report from the Group Company is Nil.

8. Disclosure in respect of related Parties pursuant to Accounting Standard 18 is disclosed in Corporate Governance in Item No.6.

9. Additional Information pursuant to Part II of Schedule VI to the Companies Act, 1956.

10. Previous years figures have been regrouped and rearranged wherever necessary so as to confirm the current years' presentation. Figures in brackets represent previous years' figures.


Mar 31, 2010

1. A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent liabilities are disclosed in the notes to accounts and are determined based on the management perception

2. Contingent Liabilities: NIL (Rs. 15 Lakhs)

3. The Company has entered into a Scheme of One Time Settlement with ICICI Bank and as far as the outstanding of HDBI is concerned, the proposal is under process by IDBI.

4. The debit and credit balances of parties are subject to confirmation

5. In the absence of taxable income as per the provisions of the Income Tax Act, 1961, no provision has been made for taxation in the accounts.

6. The inventories are valued as per the Accounting Standard - 2 (Valuation of inventories) issued by the Institute of Chartered Accountants of India (ICAI)

7. Account of certain creditors, debtors and advances given are subject to confirmation and reconciliation / adjustment, if any. However, in the opinion of management, there would not be any material impact on the financial statements.

8. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

9. a) Foreign Exchange difference (Net) credited to Profit and Loss Account Rs.57.36 Lakhs (previous Year : Credit Rs.30.76 Lakhs).

b) The Company uses Forward Exchange Contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transaction. The Company does not enter into any such instruments for trading or speculative purpose.

10. Loans and Advances for the year under report from the Group Company is NIL

11. Disclosure in respect of related Parties pursuant to Accounting Standard 18 is NIL

12. Additional Information pursuant to Part II of Schedule VI to the Companies Act, 1956

H) Earnings in Foreign Exchange

FOB value of goods exported - Rs. 6410.40 Lakhs (Rs. 8564.14 Lakhs)

13. Sitting Fees to Directors-Rs. 51,000 (Rs. 48,000)

14. Previous years figures have been regrouped and rearranged wherever necessary so as to confirm the current years presentation. Figures in brackets represent previous years figures.





 
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