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Notes to Accounts of GK Consultants Ltd.

Mar 31, 2013

1 Corporate information

M/s G.K. Consultants Limited is a Non Banking Financial Company registered with RBI. The company is engaged in business of consultancy, share trading, investment, hiring of assets, software business and other activities of a non banking finance company. It''s registered office is situated in Delhi.

2 Details of unutilised amounts out of issue of securities made for specific purpose Not applicable to the company.

3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Dues to Micro and Small Enterprises are nil on the basis of information collected by the Management. This has been relied upon by the auditors.

4 Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company of such parties are nil.

5 Details on derivatives instruments and unhedged foreign currency exposures The derivative transaction were done under normal course of business. At the end of the financial year, there were no outstandings. There were no foreign currency dealings & exposures.

6 Disclosure required in terms of Clause 13.5A of Chapter XIII on Guidelines for preferential issues, SEBI (Disclosure and Investor Protection) Guidelines, 2000

There was no preferential issue during the year ended 31 March 2013.

7 Details of fixed assets held for sale No assets were held for sale neither on 31.3.2013 nor on 31.3.2012.

8 Value of imports calculated on CIF basis Not applicable to the company.

9 Expenditure in foreign currency No foreign currency expenditure in the company.

10 Details of consumption of imported and indigenous items Not applicable to the company because it is not engaged in manufacturing activities. But the company has purchased fabric for sale and whole of the purchased material has been sold out during the year.

11 Earnings in foreign exchange @@: There were no earnings in foreign exchange.

12 Amounts remitted in foreign currency during the year on account of dividend Not Applicable to the company.

13.01 Details of contract revenue and costs (AS-7)

The company is a RBI approved NBFC and all revenues & expenses are accounted for on accrual basis. There were no construction related contracts.

13.02 Details of government grants (AS-12)

The Company has not received any government grant either in the year ended 31.3.2013 or in the year ended 31.3.2012.

13.03 Details of amalgamations (AS-14)

The company has neither floated/approved any scheme of amalgamations nor participated in any such scheme.

13.04 Employee benefit plans (AS-15)

As per terms of employment, the employees are not entitled to any other benefit e.g. PF, Gratuity, Pension, etc except the annual salary and ex-gratia allowance paid for their work.

13.05 Details of borrowing costs capitalised (AS-16)

There were no such borrowings neither in the year ended 31.3.2013 nor in the year ended 31.3.2012.

13.06 Discontinuing operations (AS-24)

The company has not discontinued any operations which it was carrying on in past as per its main business objects.

13.07 Details of research and development expenditure recognised as an expense (AS-26)

No specific expenditure has been incurred on reserarch & development considering nature of business of the company. The company is manily engaged in financial activities as NBFC and keeps incurring expenditure to upgrade technology from time to time.

13.08 Interest in joint ventures (AS-27)

The company has no interest, right and sharing in any joint venture project.

13.09 Details of provisions (AS-29)

The Company has not made any provision for any contractual obligations and disputed liabilities because no such obligation or liability was pending at year end. However, disputed income tax liabilities are disclosed under contingent liabilities.

14 Employee Stock Option Scheme

The company has never issued any ESOP and therefore, no disclosure is required to be made in this connection.

15 Note on Previous year''s figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

Mar 31, 2010

1. Grouping

Previous year figures have been re-grouped wherever considered necessary.

2. Compliances

The company is a Non-Banking Financial Company (NBFC) within the meaning of Reserve Bank of India (Amendment) Act, 1997. Under the NBFC Guidelines issued by the RBI on January 2, 1998, it is categorized as "NBFC not accepting deposits and engaged in loan/investment activity".

As required by the RBI guidelines:

i. The company has been granted registration under Sec 45-IA of the RBI Act.

ii. The Board of Directors of the company has passed a resolution to the effect that it will not accept any public deposit.

Prudential norms as applicable to NBFCs and prescribed by RBI are not applicable to the company, as it is having Net Owned Funds exceeding Rs. 25.00 lacs/Rs. 200.00 lacs & it does not accept Public Deposits.

3. Foreign Exchange Transactions

The company has neither received/earned nor paid any amount in foreign exchange.

4. Related Party Disclosure

In accordance with the requirements of the Accounting Standard (AS)-18 on "Related Party Disclosures", the names of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are:

List of Related Parties:

Divas Construction Company Private Limited

- Common Director - Shri Anil Kumar Goel

- Common Director - Shri Suboadh Gupta

Transaction with Related Parties

Rent of Rs. 90000/- is paid to Divas Construction Company Private Limited for Office Accommodation.

5. Contingent Liability

a) There is a net contingent liability of disputed income tax dues of Rs 666371/- and Interest thereon. The total disputed income tax liability is of Rs. 1551442/- and interest thereon and out of which Rs. 885071/- has already been deposited by company under dispute with I.T. Department to avoid any coercive action against it. The said amount has been levied as income tax for the Asst. Year 1998-99 and the company has filed an appeal in CIT (A), XV, New Delhi against the impugned order of the Assessing Officer which is pending as on date. No provision of said contingent liability has been made in books of account by the company.

b) There is another contingent liability of disputed income tax dues of Rs 14651102/- and Interest thereon. The said amount has been levied as income tax for the Asst. Year 2004-05 and the company has filed an appeal in CIT (A), XV, New Delhi against the impugned order of the Assessing Officer which is pending as on date. No provision of said contingent liability has been made in books of account by the company.

Oct 24, 12:20 pm
Oct 24, 12:29 pm
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