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Notes to Accounts of Glittek Granites Ltd.

Mar 31, 2015

1. Refund Claims for CENVAT credit which has been rejected have been debited to CENVAT Credit Receivable which will be adjusted against future liabilities amounting to Rs. 472929/- (previous year Rs. 396309/-). Service tax Refund claim pending in appeal amounting to Rs. 485669/-(previous year Rs. 485669/-)

2. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises(Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

3. The details of the company's post-retirement benefit plans for gratuity for its employees determined as per actuarial valuation by Life Insurance Corporation of India are given below :

4. Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recoganised in the Balance Sheet and Statement of Profit and Loss.

a. Premium paid for the year amounting to Rs. 246467/- (Previous year Rs. 219175/-) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of India and the composition of investments relating to these assets is not available with company.

5. The company does not have more than one reportable segment in terms of Accounting Standard 17 "Segment Reporting".

6. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

7. Related party disclosure as per AS-18

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by "The Institute of Chartered Accountants of India" are as follows :-

8. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

9. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

10. Previous period figures have been regrouped/rearranged, wherever considered necessary, to confirm to the current year classification.


Mar 31, 2014

1 Rights Preference and restrictions attached to the equity shares

The equity shares of the company having par value of Rs.5, per share, rank pari passu in all respects including voting rights and entitlement to dividend and share in the company residual asset.

2 Long Term Borrowings :

a. Vehicle loans including current maturities are secured by hypothecation of vehicle against which such loan has been taken.

b. Repayments terms of outstanding long term borrowings

Vehicle loans are repayable in equal monthly installments over a term of 3 years

c. Vehicle Loan from HDFC bank taken against cost of new car which includes Insurance Rs.Nil (Previous Year Rs.3,05,033/-) and Life time Road Tax Rs.Nil (Previous year Rs.17,73,145/-) which has been debited to Revenue Expenses.

3 Short Term Borrowings

Nature of Security

Working Capital facilities from a bank is secured by hypothecation of stock of raw materials, semi finished goods, finished goods, stores and spares and Book debts/Receivables of the Company, both present and future and further secured by way of first charge on all immovable properties and movable properties / fixed assets both present and future, and personal guarantee of three promoters directors,

4 In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the oridinary course of business which is not different from the amount at which it is stated.

5 Contingent liabilities and commitments

Particulars As at 31 As at 31 March, 2014 March, 2013 Rs. Rs. (i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

Demand for return of Service Tax refund received against the company has filed an 485,669 485,669 appeal

Demand for Income Tax and FBT against which the Company has preferred appeals 184,956 954,662

(b) Liabilities on account of unexpired 5,079,307 10,095,891 letter of credit

(c) Pending outcome of legal and other claims filed- by the company, additional Liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not provided for

Total 5,749,932 11,536,222

6 Refund Claims for CENVAT credit which has been rejected have been debited to CENVAT Credit Receivable which will be adjusted against future liabilities amounting to Rs.3,96,309/- (previous year Rs.4,45,304/-) Service tax Refund claim pending in appeal amounting to Rs.485669/- (previous year Rs.4,85,669/-)

7 In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

8 The details of the company''s post-retirement benefit plans for gratuity for its employees '' determined as per actuarial valuation by Life Insurance Corporation of India are given below:

9 The company does not have more than one reportable segment in terms of Accounting Standard -17 "Segment Reporting".

10 Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

11 As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

12 There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

13 Previous period figures have been regrouped/rearranged, wherever considered necessary, to confirm to the current year classification.


Mar 31, 2013

1. In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the oridinary course of business which is not different from the amount at which it is stated.

2 Contingent liabilities and commitments

Particulars As at 31 As at 31 March, 2013 March, 2012 Rs. Rs.

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt Demand for entry tax against which the Company has preferred an appeal 330,000 330,000

Demand for return of Service Tax refund received against the company has filed an appeal 485,669 487,058

Demand for Income Tax and FBT against which the Company has preferred appeals 954,662 -

(b) Liabilities on account of unexpired letter of credit 10,095,891 13,406,416

(c) Pending outcome of legal and other claims filed by the company, additional Liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not provided for

Total 11,866,222 14,223,474

Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recognised in the Balance Sheet and Profit & Loss Account.

a. Premium paid for the year amounting to Rs.632838/- (Previous year Rs.512405/-) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of India and the composition of investments relating to these assets is not available with company.

3. The company does not have more than one reportable segment in terms of Accounting Standard - 17 "Segment Reporting".

4. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

5. Related party disclosure as per AS-18

6. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

7. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

8. Previous period figures have been regrouped/rearranged, wherever considered necessary, to confirm to the current year classification.


Mar 31, 2012

1a Rights Preference and restrictions attached to the equity shares

The equity shares of the company having par value of Rs.5, per share, rank pari passu in ail respects including voting rights and entitlement to dividend and share in the company residual asset.

a. Secured loans are covered by

Term Loan including current maturities are secured by First charge on all the company's movable and immovable assets, both present and future subject to prior charge on specified movable assets created for working capital requirements.

Term loan is additionally secured by the personal guaranteed of three promoter Directors of the Company Vehicle loans including current maturities are secured by hypothecation of vehicle against which such loan has been taken.

b. Repayments terms of outstanding long term borrowings

Vehicle loans are repayable in equal monthly installments over a term of 3 years

1 In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the oridinary course of business which is not different from the amount at which it is stated.

2. The revised schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its financial statements for the year ending 31st March, 2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosure which have been complied with in these financial statements. Previous year figures have been reclassified in accordance with the current year requirement.

3 Contingent liabilities and commitments

Particulars As at 31 As at 31 March, 2012 March, 2011 Rs. Rs.

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

Demand for entry tax against which the Company has preferred an appeal 330,000 330,000

Demand for return of Services Tax refund received against the company has filed an appeal 487,058

(b) Liabilities on account of unexpired letter of credit 13,406,416 3,900,496

(c) Pending outcome of legal and other claims filed by the company, additional Liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not provided for 14,223,474 4,230,496

4 The Company's appeal before CESTAT for rejection of refund claim of cenvat credit of service tax amounting to Rs.2,47,773/- (previous year Rs.2,47,773/-) for the period from 01.01.2005 to 31.03.2006 has been decided in company's favour. However while granting refund an amount of Rs.239726/- has been rejected against which a fresh appeal has been filed with CESTST, Bangalore. Also out of the refund claim of Rs.11,07,720/- (Previous Year 428212/-) for the period from April 2009 to March 2011, Rs.674575/- (Previous Year 158573/ -) has been rejected against which company has filed an appeal except for Rs.2435/- for which Company has decided not to file an appeal as filing an appeal will cost more than the claim amount involved. Claim received during the year for period prior to 01.04.2009 amounting to Rs.8047/- (previous year Rs.48611/-) has been credited under other income in Profit & Loss Account.

5. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recoganised in the Balance Sheet and Profit & Loss Account.

a. Premium paid for the year amounting to Rs.512405/- (Previous year Rs.300773/-) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of India and the composition of investments relating to these assets is not available with company.

6. The company does not have more than one reportable segment in terms of Accounting Standard - 17 "Segment Reporting".

7. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

8. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

9. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.


Mar 31, 2011

1. The Company's appeal before CESTST for rejection of refund claim of cenvat credit of service tax amounting lo Rs.2,47.773/- (previous year Rs. 2,47,773/-) for the period from 01.01.2005 to 31.03.2006 has been decided in company's favour However while granting refund an amount of Rs.2,39,726/- has been rejected against which funnier appeal is to be filed. Also out of the refund claim of Rs.4,28,212/- for the period from April 2009 to 30th June 2010, Rs.1,56.573/- has been rejected against which company is in process of filing appeal. Claim received during the year for period prior to 01.0.4 2009 amounting to Rs.45,611/- [previous year Rs.4.26,343/-) has been credited under ether income in Profit & Loss Account.

2. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2005, the Company has riot been abte to identify such suppliers and the infomnaticn required under

3. The amounts to be recognized in the balance sheet and statements of profit and loss Account Present value of obligations as at the end of year Fair value of plan assets as at the end of the year Funded status Net Asset/(1iability) recognized in balance shee1

4. Expenses Recognised in statement of Profit & Loss Account Current Service cost Interest Cost Expected return on plan assets Net Actuarial (gain)/ Loss recognised in the year Expenses recognised in statement of Profit & loss' 1 Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recognised in the Balance Sheet and Profit & Loss Account

a. Premium paid for the year amounting to Rs.300773 (Previous year Rs 148847) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of india and the composition of investments relating to these assets is not available with company.

5. As required by Accounting Standard AS-22 on accounting for Taxes ort Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

6. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

7. The company vide notification No. S.O. 301(E) dated 8th February, 2011 is exempted from applicability of Para 3(i}(a), 3(ii)(a), 3(ii)(b) and 3(it}(d) of pal II of Schedule VI and accordingly, information required under this paragraph has not been disclosed in notes to the accounts as per the Board Resolution dated 30.05,2011.

8. Previous year's figures have been regrouped and rearranged wherever considered necessary to make them comparable with this year's figures.

9. Information pursuant to pan IV of Schedule V) of the Companies Act, 1956


Mar 31, 2010

1. Contingent liabilities are not provided for in respect of :

i) Estimated amount of Contracts remaining to be executed on Capital Accounts & not provided for (net of advances) Rs.474250 (previous year - Nil)

ii) Liabilities on account of unexpired letter of credit Rs.25.73,645 (Previous year Rs.61.11,013)

iii) Demand for Rs.3.30 lacs (Previous year Rs.3.30 Lacs) in respect of entry tax has not been accepted by the company and the company has filed appeals before the appropriate authorities against the same.

iv) Pending outcome of legal and other claims filed by the company, additional liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not been provided for.

v) Demand for ESI amounting to Rs. 121391 (previous year - Nil) has not been accepted by the company and an appeal has been filed before appropriate authorities against the same. Rs. 60696 (previous year - Nil) paid against the same is included in Loan and Advances.

vi) Demand for Refund of Service Tax claim received for Rs.868148 against which the company has preferred an appeal.

2. The Companys appeal for rejection of refund claim of cenvat credit of service tax amounting to Rs 2,47,773 (previous year- Rs. 247773) for the period from 01.01.2005 to 31.03.2006 filed in previous year is still pending before the CESTAT. Claim received during the year for earlier year amounting to Rs. 426343 (previous year Rs. 713498) has been credited under other income in Profit & Loss Account. From current year the expenses against which service tax refund has been claimed or to be claimed are accounted for net of service tax.

3. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

4. The details of the companys post-retirement benefit plans for gratuity for its employees determined as per actuarial valuation by Life Insurance Corporation of India are given below:

5. The following expenses related to expansion of the production unit have been capitalised during the year.

6. Leasehold quarries are yet to become operational.

7. Sale Deeds in respect of Housing tenements are yet to be executed.

8. The company does not have more than one reportable segment in terms of Accounting Standard - 17 "Segment Reporting".

9. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against car loan are subject to confirmation.

10. Related party disclosure as per AS-18

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by "The Institute of Chartered Accountants of India" are as follows :-

A. Particulars of Associate / Subsidiary Companies :



Name Nature of relationship

U.S.D. Industries Pvt. Ltd Associate Company

Granite Mart Ltd. Associate Company

Virdhi Commercial Co. Limited Associate Company

Glittek Infotech Limited Associate Company

B. Particulars of Key Management Personnel :

Name Nature of relationship

Mr. Bimal Kumar Agarwal Promoter & Director

Mr. Kamal Kumar Agarwal Managing Director

Mr. Ashoke Agarwal Joint Managing Director

C. Particulars of Relatives of Key Managerial Personnel

Name Nature of relationship

Mrs. Alpana Agarwal Wife of Managing Director

Mrs. Manjula Agarwal Wife of Joint Managing Director

D. Details of transactions with Associate Company

11. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

12. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

13. Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with this years figures.

14. Information pursuant to part IV of Schedule VI of the Companies Act, 1956

 
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