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Notes to Accounts of Generic Engineering Construction and Projects Ltd.

Mar 31, 2018

a. Terms/Rights attached to shares:

The Company has only one class of Equity Shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuring Annual General Meeting. The Amount of Dividend to be paid amounts to total of Rs. 18.18 lakhs and total of Divident Distribution Tax is Rs. 3.85 lakhs

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assests of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

f. Increase in Authorised

During the year company had increased its authorised capital from Rs. 1800.00 Lakh to Rs. 2300.00 Lakhs vide ordinary resolution passed in EGM dated 10/03/2018

Notes:

(a) Security and repayment details for cash credit facilities including working capital demand loans is as follows:

i) The cash credit is repayable on demand and is /to be secured against first pari passu hypothecation charge on Stocks, Book Debts and entire current assets of the company, EQM of Property at Gurudutt CHS of Mr. Ravilal S Patel, EQM of Property at Kesar Solitaire of Ranjan D Patel, Hemlata M Patel, Trupti M Patel, EQM of Commericial Property at Vikhroli and Residential Property at Ghatkopar (E) of Generic Engineering & Construction Private Limited.

ii) The Letter of credit/Bank Gaurntee is repayable on demand and is /to be secured against Fixed Deposit of the Company (ie. as 10% Margin).

iii) Personal Guarantee of Manish R Patel and his Relative namely, Ravilal S Patel, Ranjan D Patel, Hemlata M Patel, Trupti M Patel to the State Bank of India Limited.

iv) Personal Guarantee of Generic Engineering and Construction Private limited to State Bank of India Limited

1. First-time adoption of Ind AS Transition to Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31st March 2018, comparative information for the year ended 31st March 2017 and in preparation of an opening Ind AS balance sheet as at 1st April 2016 (the Company’s date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Section 133 of the Companies Act, 2013 read together with Rule 7 of the companies (Accounts) rules, 2014 (Previous GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows.

Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

Ind AS optional exemptions:

Deemed cost: Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties.

Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets at their previous GAAP carrying value.

Ind AS mandatory exceptions:

De-recognition of financial assets and liabilities:

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

Estimates:

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Classification and measurement of financial assets:

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

2. SEGMENT REPORTING

The Company is mainly engaged in the business of Construction of residential buildings/commercial complexes and activities connected and incidental thereto. On that basis, the Company has only one reportable business segment -Construction, the results of which are embodied in the financial statements. The Company operates in only one geographical segment - within India.


Mar 31, 2016

1. None of the Earnings / Expenditures is in Foreign Currency.

2. Balance of Debtors, Creditors, Deposits, Loans and Advances are subject to confirmation and reconciliation .

3. In the opinion of the management and to the best of the 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; adequate and not in excess of amount considered reasonably necessary.

4. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the due if realized in the ordinary course of business. The provision for depreciation known liabilities are adequate and not in excess of the amounts reasonably necessary.

5. Rs. 1,10,000- has been paid to Ravindra Mishra as Director of remuneration for the Year (P.Y. Rs. Nil)

6. Previous year’s figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

7. Related party Transaction

8. Subsidiary -NIL

9. Key managerial Person (Non-executive directors will not be KMP, related party)

10. MR. RAYINDRA TRIBHUYAN MIS HRA

11. MRS. RICHA RAMCHAND DALWANI


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.

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