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Notes to Accounts of Gemini Communication Ltd.

Mar 31, 2015

1. Cash and Cash Equivalents represent Cash, Balances with Banks In Current Account and Fixed Deposits

2. Figures in brackets indicate Cash flow

3. Figures for the previous year have been regrouped / rearranged wherever found necessary

4. Shares held by holding company, its subsidiaries and associates

The company does not have any holding company.

5. Rights, preferences and restrictions attached to equity shares

The company has one class of equity shares having a face value of ' 1/- per share. Each shareholder is eligible for one vote for each share held in the company. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

6. The general economic slowdown has affected the telecom industry. The late auction of spectrum by government and the slowdown of 3G and 4G technologies have not brought cheer to the telecom industry. The non-payment of government receivables has resulted into substantial erosion of the Company's net worth and the Company has incurred cash losses. The Company continues to take various measures such as cost optimisation, improving operating efficiency, renegotiation of contracts with customers to improve Company's operating results and cash flows. Further the management believes that new spectrum auction will result in exponential growth in 3G 4G & LTE which are expected to generate incremental cash flows to the Company. In view of the above mentioned factors, the Company continued to prepare its Financial Statements on going concern basis.

7. Contingent liabilities

There are some on-going litigations against the company for the contractual liabilities The monetary value of the aforesaid litigations could not be quantified and the contingent liabilities, which may arise thereto, also could not be determined.

The management of the company retains the litigations stated above shall not have any material/financial impact on Company.

8. Impairment of Assets

As required Under Accounting Standard -28 "Impairment of Assets" the carrying amount of an asset exceeds its recoverable amount and value in use, and hence provision for impairment loss of Rs.974.30 Lakhs , has been provided in the financial statements.

9. Inventory Write off

Inventories worth of Rs. 4088.49 Lakhs have lost its potential of realisation and the cost of maintenance of the said inventories had imposed continual burden on the Company. Therefore, the inventories have been written off as per company's policy.

10. DEFERRED TAX LIABILITY

The provision for deferred tax liability for the year ended March 31, 2015 has been made in accordance with Accounting Standard 22 on Accounting for Taxes on Income. The Deferred Tax Liability as at March 31, 2015 is on account of Depreciation of Rs. 635.76 Lakhs and the Deferred Tax Liability as at 31st March, 2015 is Rs.65.91 Lakhs.

11. LEASE

All operating leases entered into by the company are cancellable on giving a notice of one to three months.

12. Investment details of plan assets:

The Plan assets are maintained by Life Insurance Corporation Gratuity Scheme. The details of investment maintained by Life Insurance Corporation are not available with the company and have not been disclosed.

As per the policy of the company employees are not entitled for leave encashment.

PF & ESI expenses are recognized in the accounts at the actual cost to the company which is deposited with the appropriate Government authorities. Apart from this contribution, the company has no other obligation to provide for in the books.

13. SEGMENT REPORTING

The entire operations of the company relates to one segment viz., network product and services.

TRANSACTIONS WITH RELATED PARTIES:

Key Management Personnel

* R. Ramkumar - Whole-time Director

* B. Sreekrishna - Project Director

* R. Vijaykumar - Managing Director

* B. Srinivasan - Chief Technology Officer

Subsidiary & Associate Companies

*Gemini Traze RFID Private Limited (RFID) (100% Subsidiary)

* Point Red Telecom Limited (Pointred) (100% Subsidiary)

* Gemini Infotech Limited, Hong Kong (100% Subsidiary)

* PR Wireless Tech Limited, Hong Kong (100% Subsidiary of Pointred)

* Gemini FTZ, Dubai (100% Subsidiary)

* Gemini Geoss Energy Private Ltd ( 100% Subsidiary)

14. Figures for the previous year have been regrouped wherever necessary to conform to the current year's classification


Mar 31, 2014

1. a. Shares held by holding company, its subsidiaries and associates

The company does not have any holding company.

b. Rights, preferences and restrictions attached to equity shares

The company has one class of equity shares having a face value of K 1/- per share. Each shareholder is eligible for one vote for each share held in the company. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

The provision for deferred tax liability for the year ended March 31, 2014 has been made in accordance with Accounting Standard 22 on Accounting for Taxes on Income. The Deferred Tax Liability as at March 31,2014 is on account of Depreciation of Rs. 602.86 Lakhs and the Deferred Tax Liability as at 31st March, 2014 is 285.47 Lakhs.

2. LEASE

All operating leases entered into by the company are cancelable on giving a notice of one to three months.

3. Investment details of plan assets:

The Plan assets are maintained by Life Insurance Corporation Gratuity Scheme. The details of investment maintained by Life Insurance Corporation are not available with the company and have not been disclosed. As per the policy of the company employees are not entitled for leave encashment.

PF & ESI expenses are recognized in the accounts at the actual cost to the company which is deposited with the appropriate Government authorities. Apart from this contribution, the company has no other obligation to provide for in the books.

4. SEGMENT REPORTING

The entire operations of the company relates to one segment viz., network product and related services.

5. The estimated amount of contracts remaining to be executed on account of Capital account as at 31st March 2014: Nil

6. Bank Guarantees outstanding as on 31.03.2014 is Rs. 76.74 Lakhs (P.Y Rs.745.21 Lakhs) and the company has extended corporate guarantee to the banks for loans obtained by subsidiary companies. The Bank Guarantee are secured by properties of subsidiary company.

7. INVESTMENTS

Considering Long Term nature of Investments in shares of subsidiary companies, the investments are carried at cost. No provision has been made for any temporary diminution in value of such investments.

8. Sundry Debtors include amount due from subsidiary companies amounting to Rs. NIL lakhs (P.Y Rs. NIL).

9. Sundry Creditors include an amount of Rs. Nil ( Rs.2427 lakhs) due to subsidiary Companies.

10. Figures for the previous year have been regrouped wherever necessary to conform to the current year''s classification.


Mar 31, 2013

1. DEFERRED TAX LIABILITY

The provision for deferred tax liability for the year ended March 31, 2013 has been made in accordance with Accounting Standard 22 on Accounting for Taxes on Income. The Deferred Tax Liability as at March 31, 2012 is on account of Depreciation of ? 1155.48 Lakhs and the Deferred Tax Liability as at 31st March, 2013 is ? 888.32 Lakhs.

2. LEASE

All operating leases entered into by the company are cancelable on giving a notice of one to three months.

The lease rentals paid during the year and the future lease obligations of HP EMI''s for agreements in vogue as on March 31, 2013 are as follows:

3. Investment details of plan assets:

The Plan assets are maintained by Life Insurance Corporation Gratuity Scheme. The details of investment maintained by Life Insurance Corporation are not available with the company and have not been disclosed.

As per the policy of the company employees are not entitled for leave encashment.

PF & ESI expenses are recognized in the accounts at the actual cost to the company which is deposited with the appropriate Government authorities. Apart from this contribution, the company has no other obligation to provide for in the books.

4. SEGMENT REPORTING

The entire operations of the company relates to one segment viz., network product and related services.

5. RELATED PARTY DISCLOSURE

TRANSACTIONS WITH RELATED PARTIES:

Key Management Personnel

R. Vijaykumar – Chairman & Managing Director R. Ramkumar – Whole-time Director

Subsidiary & Associate Companies

- Gemini Traze RFID Private Limited (RFID) (100% Subsidiary)

- Point Red Telecom Limited (Pointred) (100% Subsidiary)

- Gemini Infotech Limited, Hong Kong (100% Subsidiary)

- PR Wireless Tech Limited, Hong Kong (100% Subsidiary of Pointred)

- Gemini FTZ, Dubai (100% Subsidiary)

- Gemini Geoss Energy Private Ltd ( 100% Subsidiary)

6. The estimated amount of contracts remaining to be executed on account of Capital account as at 31st March 2013: Nil

7. Bank Guarantees outstanding as on 31.03.2013 is Rs. 745.21 Lakhs (P.Y Rs. 5022.485 Lakhs) and the company has extended corporate guarantee to the banks for loans obtained by subsidiary companies. The Bank Guarantee are secured by properties of subsidiary company.

8. The FCCBs have been converted in to equity shares on 1st November 2012.

9. Sundry Debtors include amount due from subsidiary companies amounting to NIL (P.Y Rs. 9.68 lakhs).

10. Sundry Creditors include an amount of Rs. 2427 Lakhs (P.Y Rs. 20626.17 lakhs) due to subsidiary Companies.

11. Figures for the previous year have been regrouped wherever necessary to conform to the current year''s classification.

 
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