Home  »  Company  »  Goldstone Infratech  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Goldstone Infratech Ltd.

Mar 31, 2015

1. Term Loan from State Bank of Hyderabad is secured by

2. Hypothecation of plant and machinery acquired out of the said loan.

3. Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

4. Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited

5. Corporate Guarantees of M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited.

6. Personal guarantee of a promoter director of the company.

7. Working Capital Facilities from State Bank of Hyderabad are secured by:

8. Hypothecation against first charge on Current Assets of the company both present and future.

9. Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited.

10. Corporate Guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited for above loan.

11. Personal guarantee of a promoter director of the company.

12. Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

13. Other Long Term Liabilities:

The Company has availed Sales Tax deferment of Rs. NIL/- during the year (Previous Year: Rs. NIL/-). During this financial year the company has repaid an amount of Rs. 1,07,82,935/-( Previous year : Rs. 89,72,704/-)

14. Confirmation of Balances with Sundry Debtors and Sundry Creditors Company has taken necessary steps to get the confirmation of balances from the parties.

15. During the year company has computed Depreciation on Fixed Assets based on the useful life in the manner prescribed in part C of Schedule II of new companies Act 2013. In accordance with the transitional provisions under note 7(b) to Part C of Schedule II of the act, Rs. 67,90,021/-(net of deferred tax of Rs. 32,61,079/-) has been adjusted against retained earnings pertaining to assets whose balance useful life was NIL as at 1st April 2014.

16. Investments:

Company has invested Rs. 6.01 Cr (Previous year Rs. 6.01 Cr) in TF Solar Power Private Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs. 10/- each.

17. Employee Benefits ( AS-15 )

Retirement benefits to employees the Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS15.

18. Defined contribution plan

During year ended March 31,2015, the company contributed Rs. 22,87,034/- to Provident fund & Pension Fund.

19. Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31, 2015 are as follows: The valuation has been carried out using the projected Unit Credit Method.

20. Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

21. Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

22. Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

23. Segment Reporting (AS - 17)

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not applicable.

24. Related Party Transactions ( AS - 18)

25. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 (AS22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 48,89,684/- towards deferred Income Tax Asset. (Previous year Rs. 69,52,226/- towards Deferred Tax Asset). An amount of Rs. 32,61,079/-has been adjusted towards deferred tax asset (Net) which has been calculated in the manner prescribed in Part C of Schedule II of new companies Act 2013.

26. Impairment of Assets (AS - 28) Nil

27. During the year Company has made an additional provision of Rs. 49.97 lacs for Late Delivery charges.

28. Prior Period Adjustments & Extra ordinary items: (AS - 5)

Prior period adjustment of Rs. (16,64,866) ( Previous year Rs. 44,09,937) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

29. Contingent Liabilities not provided for

a) Letter of credit - Rs. 892.18 lakhs (Previous year: Rs. 802.53 lakhs)

b) Bank Guarantees - Rs. 3,069.54 lakhs (Previous year: Rs. 2,087.48 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 230.00 lakhs (Previous year: Rs. 170.00 lakhs)

d) Un-claimed dividend amount for the years 2007-08, 2008-09, 2009-10, 2010-2011 and 2011-12 is lying in the Dividend Account at Axis Bank for an amount of Rs. 2,24,140, Rs. 2,19,954, Rs. 1,29,968, Rs. 1,31,219 and Rs. 1,08,923 respectively.

30. During the year company has not made any provision for Intangible Assets - Goodwill.

31. Figures have been rounded off to the nearest rupee.

32. Previous year's figures have been regrouped / rearranged wherever necessary.


Mar 31, 2014

1. Long Term & Short Term Borrowings

a) Term Loan from State Bank of Hyderabad is secured by

i) Hypothecation of plant and machinery acquired out of the said loan.

ii) Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

iii) Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited

iv) Corporate Guarantees of M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited.

v) Personal guarantee of a promoter director of the company.

b) Working Capital Facilities from State Bank of Hyderabad are secured by:

i) Hypothecation against first charge on Current Assets of the company both present and future.

ii) Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited.

iii) Corporate Guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited for above loan.

iv) Personal guarantee of a promoter director of the company.

c) Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

2. Other Long Term Liabilities:

The Company has availed Sales Tax deferment of Rs.Nil during the year (Previous Year: Rs. 80,645/- ) . During this financial year the company has repaid an amount of Rs. 89,72,704/- ( Previous year : Rs. 46,28,977/-)

3. Confirmation of Balances with Sundry Debtors and Sundry Creditors

Company has taken necessary steps to get the confirmation of balances from the parties.

4. Investments :

Company has invested Rs. 6.01 Cr (Previous year Rs. 6.01 Cr) in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs. 10/- each.

5. Employee Benefits ( AS - 15 )

Retirement benefits to employees The Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS 15. The details are as follows:

Defined contribution plan

During year ended March 31,2014, the Group contributed Rs. 16,48,406/- to Provident fund & Pension Fund .

Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31,2014 are as follows: The valuation has been carried out using the projected Unit Credit Method.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

6. Segment Reporting ( AS - 17 )

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not applicable.

7. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs.69,52,226/-towards deferred Income Tax Liability. (Previous year Rs.66,87,107/- towards Deferred Tax Liability )

8. Impairment of Assets ( AS - 28) Nil

9. Prior Period Adjustments & Extra ordinary items: ( AS - 5)

Prior period adjustment of Rs. 44,09,937/- ( Previous year Rs. 2,13,922/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

10. Contingent Liabilities not provided for

a) Letter of credit - Rs. 802.53 lakhs (Previous year: Rs. 664.07 lakhs)

b) Bank Guarantees - Rs. 2087.48 lakhs (Previous year: Rs. 1853.63 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 170.00 lakhs ( Previous year: Rs. 210.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08, 2008-09,

2009-10, 2010-2011 and 2011-12 is lying in the Dividend Account at ,ICICI & Axis Bank for an amount of Rs. 2,07,646/-, Rs. 2,24,540/-, Rs. 2,19,954/- Rs.1,29,968/-, Rs. 1,31,419/- and Rs. 1,09,123/- respectively.

11. During the year company has not made any provision for Intangible Assets - Goodwill.

12. Figures have been rounded off to the nearest rupee.

13. Previous year''s figures have been regrouped / rearranged wherever necessary.


Mar 31, 2013

1. Segment Reporting ( AS – 17 )

Since the Company Operate in one segment in manufacturing activities – Composite Polymer Insulators, segment reporting as required under Accounting Standard – 17 is not applicable.

2. Deferred Tax Assets & Liabilities ( AS – 22 )

In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 66,87,107/-towards deferred Income Tax Liability. (Previous year Rs. 1,88,368/- towards Deferred Tax Asset )

3. Contingent Liabilities not provided for

a) Letter of credit – Rs. 664.07 lakhs (Previous year:Rs. 789.76 lakhs)

b) Bank Guarantees – Rs. 1,853.63 lakhs (Previous year:Rs. 1,033.86 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 210.00 lakhs ( Previous year: Rs. 170.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08, 2008-09, 2009-10, 2010-2011 and 2011-12 is lying in the Dividend Account at, ICICI & Axis Bank for an amount of Rs. 2,07,645.60, Rs. 2,25,260.00, Rs. 2,20,673.55 Rs. 1,30,928.00, Rs. 1,31,779.00 and Rs. 1,09,323.00 respectively

4. During the year company has not made any provision for Intangible Assets – Goodwill.

5. Figures have been rounded off to the nearest rupee.

6. Previous year''s figures have been regrouped / rearranged wherever necessary.


Mar 31, 2012

1: Long Term Borrowings

a) Term Loan from State Bank of Hyderabad is secured by

i) Hypothecation of plant and machinery acquired out of the said loan.

ii) Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

iii) Equitable Mortgage of immovable property of Trinity Infraventures Limited

iv) Corporate Guarantees of Trinity Infraventures Limited

v) Personal guarantee of a promoter director of the company.

b) Term Loan from Technology Development Board is secured by

i) Hypothecation of fixed assets acquired out of the said loan.

ii) Corporate Guarantees of Trinity Infraventures Limited.

iii) Personal guarantee of a promoter director of the company.

c) Working Capital Facilities from State Bank of Hyderabad are secured by:

i) Hypothecation against first charge on Current Assets of the company both present and future.

ii) Equitable Mortgage of immovable property of Trinity Infraventures Limited

iii) Corporate Guarantee given by Trinity Infraventures Limited for above loan.

iv) Personal guarantee of a promoter director of the company.

d) Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

2.Other Long Term Liabilities:

The Company has availed Sales Tax deferment of Rs. 19,18,811/- during the year ( Previous Year: Nil). During this financial year the company has repaid an amount of Rs. 20,00,020/-.

3. Confirmation of Balances with Sundry Debtors and Sundry Creditors Company has taken necessary steps to get the confirmation of balances from the parties.

4.Investments:

Company has invested Rs. 6.01 Cr in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs. 10/- each.

5. Employee Benefits ( AS - 15 )

Retirement benefits to employees The Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS 15. The details are as follows:

Defined contribution plan

During year ended March 31, 2012, the Group contributed Rs. 16,53,801/- to Provident fund & Pension Fund .

Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31, 2012 are as follows:

The valuation has been carried out using the projected Unit Credit Method.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

6. Segment Reporting ( AS - 17 )

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not disclosed here separately.

7. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 ( AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs.1,88,368/- towards deferred Income Tax Asset. (Previous year Rs. 51,93,811/- towards Deferred Tax Liability )

8. Impairment of Assets ( AS - 28)

The company had discontinued lines of business Telecom Jointing Kits and BPO Division and also had recognized obsolete value in respect of certain Fixed Assets for a sum of Rs. 27,21,69,530/- has been written off since there is no realizable value. The same obsolete value has been recognized as impairment of Assets and written off to Profit and Loss appropriation (Refer note No. 2 of notes to financial statements) as per AS-28.

9. Prior Period Adjustments: ( AS - 4)

Prior period adjustment of Rs. 5,60,790/- ( Previous year Rs. 1,10,116/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

10. Contingent Liabilities not provided for

a) Letter of credit - Rs. 789.76 lakhs (Previous year:Rs. 403.97 lakhs)

b) Bank Guarantees - Rs.1033.86 lakhs (Previous year: Rs. 1166.21 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 170.00 lakhs ( Previous year: Rs. 350.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08, 2008-09 , 2009-10 and 2010-2011 is lying in the Dividend Account at ,ICICI & Axis Bank for an amount of Rs. 2,07,645.60, Rs.2,25,360, Rs.2,21,009.55 Rs.1,33,458 and Rs.1,41,903 respectively

11. During the year company has not made any provision for Intangible Assets - Goodwill.

12. Figures have been rounded off to the nearest rupee.

13. Previous year's figures have been regrouped / rearranged wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!