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Notes to Accounts of Gorani Industries Ltd.

Mar 31, 2015

Note: 1 Segment Reporting Policies

Identification of segments:

a] Primary Segments

Business segment: The Company has only one segment of Home Appliances and the products considered as part of the segment are LPG Stove, Range hood (Chimney) and Gas Geysers. Since inherent nature of all activities of the company is governed by the same set of risks and returns and also all the products are falling in the same category in trade parlance therefore as per the guidelines of the AS-17 no primary segment is reporting required for the year.

b] Secondary Segment

Geographical Segment: The analysis of geographical segment is based on the geographical location of the customers. The following is the distribution of the Company's consolidated sales by geographical market:-

Note: 2 Disclosure of Related party /Related Party Transactions

Name of the related parties and relationship

(a) Associates Companies

M/s Blow Hot Kitchen Appliances Private Limited.

M/s Indore Paper Krafters Pvt. Ltd.

M/s Valor Hitech Pvt. Ltd.

(b) Key Management Personnel and their relatives

Mr. Sanjay Gorani Managing Director

Mr. Anil Gorani Whole Time Director

Mr. Nakul Gorani Director

Mr. Narendra Gorani Relative of Director

Mrs. Manju Gorani Relative of Director

Mr. C.S.Sharma CFO

(c) The transactions entered into with the related parties during the year along with related balances as at 31st march 2015 are as under:

Note: 3

Contingent Liabilities

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil. (Previous Year Rs. NIL)

Note: 4

In the opinion of the management and to the best of their knowledge and belief the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet. No provision has been made for the long outstanding debtors considered doubtful because it is still under negotiation stage.

Note: 5

Additional Information pursuant to provisions of paragraph 5 (VIII) of part II of schedule III to the companies act as certified by the Directors:

Note: 6

The Balances in the accounts of debtors, creditors, loans, advances and others are subject to confirmation and reconciliation. But no confirmation is called in last year by the company.

Note: 7

The previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current year figures.


Mar 31, 2014

Note: 1 Segment Reporting Policies

Identification of segments: a] Primary Segments

Business segment: The Company has only one segment of Home Appliances and the products considered as part of the segment are LPG Stove, Range hood (Chimney) and Gas Geysers. Since inherent nature of all activities of the company is governed by the same set of risks and returns and also all the products are falling in the same category in trade parlance therefore as per the guidelines of the AS-17 no primary segment is reporting required for the year.

Name of the related parties and relationship

(a) Associates Companies

M/s Blow Hot Kitchen Appliances Private Limited.

(b) Key Management Personnel and their relatives

Mr. Sanjay Gorani Managing Director

Mr. Anil Gorani Chairman

Mr. Nakul Gorani Director

Mr. Narendra Gorani Relative of Director Mrs. Manju Gorani Relative of Director

Note: 2

Contingent Liabilities

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil. (Previous Year Rs. NIL)

Note: 3

In the opinion of the management and to the best of their knowledge and belief the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet. No provision has been made for the long outstanding debtors considered doubtful because it is still under negotiation stage.

Note: 4

Additional Information pursuant to provisions of paragraph 3, 4B, 4C of part II of schedule VI to the companies as certified by the Directors:

Note: 5

The Balances in the accounts of debtors, creditors, loans, advances and others are subject to confirmation and reconciliation. But no confirmation is called in last three year by the company.

Note: 6

The previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current year figures.


Mar 31, 2013

NOTE: 1

SEGMENT REPORTING POLICIES

Identification of segments:

a] Primary Segments

Business segment: The Company has only one segment of Home Appliances and the products considered as part of the segment are Kerosene wick Stove, LPG Stove, Range hood (Chimney) and Gas Geysers. Since inherent nature of all activities of the company is governed by the same set of risks and returns and also all the products are falling in the same category in trade parlance therefore as per the guidelines of the AS-17 no primary segment is reporting required for the year.

b] Secondary Segment

Geographical Segment : The analysis of geographical segment is based on the geographical location of the customers. The following is the distribution of the Company''s consolidated sales by geographical market:-

NOTE: 2

DISCLOSURE OF RELATED PARTY /RELATED PARTY

TRANSACTIONS

Name of the related parties and relationship

(a) Associates Companies

M/s Blow Hot Kitchen Appliances Private Limited.

(b) Key Management Personnel and their relatives Mr. SanjayGorani Managing Director Mr.AnilGorani Director

Mrs. Manju Gorani Director (Resigned during the year) Mr. Narendra Gorani Relative of Director Mr. Nakul Gorani Director (Appointed during the year)

NOTE: 3

CONTINGENT LIABILITIES

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil. (Previous Year Rs.NIL) NOTE: 27

In the opinion of the management and to the best of their knowledge and belief the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet. No provision has been made for the long outstanding debtors considered as recoverable, because it is still under negotiation stage.

NOTE: 4

Additional Information pursuant to provisions of paragraph 3,4B, 4C of part II of schedule VI to the companies as certified by the Directors:

NOTE: 5

The Balances in the accounts of debtors, creditors, loans, advances and others are subject to confirmation and reconciliation. But no confirmation is called in last three year by the company.

NOTE: 6

The previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current year figures.


Mar 31, 2012

Note: 1

Contingent Liabilities

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil. (Previous Year Rs. NIL)

Note: 2

In the opinion of the management and to the best of their knowledge and belief the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet. No provision has been made for the long outstanding debtors considered recoverable because it is still under negotiation stage.

Note: 3

The Balances in the accounts of debtors, creditors, loans, advances and others are subject to confirmation and reconciliation. But no confirmation is called in last three year by the company.

Note: 4

The Financial Statement for the year ended 31st March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956 the Financial Statement for the year ended 31st March'2012 are prepared as per revised Schedule VI. Accordingly the previous year figures have also been reclassified to conform to this year's classification. The adoption of revised Schedule VI for the previous year figures does not impact recognition and measurement principals followed for preparation of Financial Statements.


Mar 31, 2011

1. Contingent Liabilities

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil. (Previous Year Rs.NIL)

2. Based on the information available with us and relied upon by the Auditors the information as required to be disclosed under Micro, Small & Medium Enterprises Development Act, 2006 as on 31/03/2011 is NIL,

3. The Balances in the accounts of customers, suppliers and others are subject to confirmation and reconciliation. But no confirmation is called in last three year by the company.

4. Figures have been rounded off to nearest rupee.


Mar 31, 2010

1. Contingent Liabilities :

Estimated amount of contracts remaining to be executed on capital account (Net of Capital Advance) not provided for Rs. Nil (Previous Year Rs. Nil).

2. In the opinion of the management and to the best of their knowledge and belief the value of realisation of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet. No provision has been made for the long outstanding debtors considered doubtful because it is still under negotiation stage

3. The Management is of the opinion that there are no Small Scale Industries to whom the Company owes a sum exceeding Rs. 1.00 Lacs, which is outstanding for more than 30 days at the Balance Sheet date.

4 Based on the information available with us and relied upon by the Auditors the information as required to be disclosed under Micro, Small & Medium Enterprises Development Act, 2006 as on 31/03/2010 is NIL.

5. The Balances in the accounts of customers, suppliers and others are subject to confirmation and reconciliation. But no confirmation is called in last three year by the company.

6. Figures have been rounded off to nearest rupee.

7. The figures in brackets indicate deduction or previous year.


Mar 31, 2000

1. Contingent Liabilities :

Estimated amount of contracts remaining to be executed on capital account (Net of Capital Advance) not provided for Rs. 18.50 Lacs (Rs. 17.90 Lacs).

2. In the opinion of the management, no liabilities towards income tax is contemplated and therefore no provision for tax has been made.

3. In the opinion of the management and to the best of their knowledge and belief the value of realisation of current assets. Loans and advances is in the ordinary course of business and will not be less than the amount at which they are stated in the balance sheet.No provision has been made for the debt considered doubtful as it is still under negotiation stage.

Figures have been rounded off to nearest rupee.

4. Previous year figures have been regrouped/rearranged wherever considered necessary to facilitate comparison.

5. The figures in brackets/indicate deduction or previous year.

 
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