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Notes to Accounts of Generic Engineering Construction and Projects Ltd.

Mar 31, 2015

1 Equity shares include:

I Terms/Rights attatched to Equity Shares

The compnay has only one class of equity share having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. All shares rank parri passu with regard to dividend.

2. Particulars of equity share holders holding more than 5% of the total number of equity share capital:

* As per records of the compnay including its register of shareholders/members


Mar 31, 2014

1. Contingent Liabilities and Commitments (to the extended not provided for) Uncalled amount on Convertible Debenture NIL (P.Y Rs.664800/-)

2. Related Parties Disclosure

i) Subsidiaries: Nil

ii) Key Managerial Personnel:

1. Mr. Paresh Pathak

2. Mr. Ravindra Mishra

3. Mr. Mahesh Raut

3. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.


Mar 31, 2013

1. Contingent Liabilities and Commitments(to the extended not provided for) Uncalled amount on Convertible Debenture Rs.664800/- (P.Y Rs.664800/-)

2. Related Parties Disclosure

i) Subsidiaries: Nil

ii) Key Managerial Personnel:

1. Mr. Paresh Pathak

2. Mr. Ravindra Mishra

3. Mr. Mahesh Raut

3. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.


Mar 31, 2012

1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared on the historic cost convention, on an accrual basis and in accordance with the Accounting Standards noti?ed by the Companies (Accounting Standard) Rules 2006 and the relevant provisions of the Companies Act, 1956.

The Preparation of the ?nancial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities and income and expenses during the reported period. The management believes that the estimates used in the preparation of the ?nancial statement are prudent and reasonable. The difference between the actual results and the estimates are recognized in the periods in which the results are materialized.

2. REVENUE RECOGNITION:

INCOME:

The Company recognizes income on accrual basis, However where the ultimate collection of the same lacks reasonable certainty, revenue recognition is postponed to the extent of uncertainty.

i) Income from dividend is recognized as and when such dividend has been declared and the Company’s right to receive payment is established.

ii) Profit/ loss on sale of investments if any is recognized on the contract date.

3. INVESTMENTS: Long Term Investments are stated at cost.

4. Deferred Tax Assets have not been recognized, as there is no reasonable certainty for setting off the same.

5. Contingent Liabilities and Commitments (to the extended not provided for) Uncalled amount on Convertible Debenture Rs.664800/- (P.Y Rs. 664800/-)

6. Auditors’ remuneration as Audit fee for the year Rs. 28,090/- (Previous year Rs. 33,090 /-).

7. Estimated amount of contracts remaining to be executed- NIL


Mar 31, 2011

1) In the opinion of the Board, the current assets, Loans and Advances have been stated at a value realizable in the ordinary course of business. The provision for all known liabilities are adequate and neither in excess nor in short of the amount reasonably necessary.

2) Taxation The provision for tax is based on the assessable profit of the Company computed in accordance with Income Tax Act, 1961.

3) As con?rmed by the management and on the basis of information available with the Company regarding the status of the Small Scale Industrial Undertaking, there is no amount outstanding as on the date of the Balance Sheet.

4) Additional information pursuant to the provision of Paragraph B Part II Schedule VI have been given herein below, to the extent applicable:

5) SEGMENT REPORTING

The Company’s comprises of only one segment Non-Banking Finance Company.

6) RELATED PARTY DISCLOSURES

Disclosures as required by the Accounting Standard 18 “Related Party Disclosures” are given Below :

a) Key Management Personnel

1. Paresh V. Pathak Director

2. Mahesh J. Raut Director

3. Ravindra T. Mishra Director

7) The unquoted shares and debentures held as investment and stock in trade has not been revalued during the year and stated as cost as per company's policies. The fall in value could not be ascertained.

8) Balance of Sundry Debtors, Loans & Advances and Unsecured loans are subject to con?rmation and Reconciliation if any.

9) Contingent Liability :

Uncalled amount on partly paid up Convertible Debenture Rs. 664800/- (P.Y. Rs. 664800/-).

10) The previous year ?gures are regrouped, rearranged, reclassi?ed to make them comparable with that of current year.

11) Sundry Debtors include Rs. 2395358/- (Previous Year Rs. 4390358/-) from the Private Company in which two directors of the company is interested as director and member of the said company.