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Notes to Accounts of Gowra Leasing & Finance Ltd.

Mar 31, 2015

Contingent assets are neither recognised nor disclosed in the financial statements.

1. The Company does not have any non-cancellable lease arrangements. Office premises are taken on operating lease and such lease rentals are charged to revenue on accrual basis.

2. Related Party Disclosures:

Disclosures as required by the Accounting Standard (AS-18)

"Related party disclosures are given below:

1. Names of related parties and description of the relationship

a. Associates : 1. M/s Vaishnavi Corporation

2. Gowra Petrochem Private Limited

b. Key Management Personnel : 1. Shri G Srinivas - Managing Director

2. Shri G L.Prasad - Director

c. Relatives of key Management Personnel : 1. Shri G Lakshminarayana

2. Smt G S.Sabitha

3. Shri G Suryaprakash

4. Shri G L Subbaram

5. Smt G L Ramadevi

3. Segment Reporting: During the year the company was engaged only in Investment and Financing activities and its activities were confined to India. Hence there are no reportable segments of the company.

4. No enterprise has been identified as a "supplier" under the micro, small and medium enterprises Development Act, 2006. The aforesaid identification has been done on the basis of information, to the extent provided by the vendors to the company.

5. Balances under the head Trade Receivables, Loans & Advances and other liabilities are subject to confirmation from the respective parties.

6. Impairment of Assets: The company has carried out an impairment test as per 'Accounting Standard - 28', issued by I.C.A.I on all the assets and no provision was required to be made towards impairment of assets for the year ending 31st March, 2015.

7. The Company has provided for its gratuity liability on accrual basis on the basis of completed years of service as provided under the payment of Gratuity Act. However, the provisions of payment of Gratuity Act, do not apply to the company, since the company does not employ the requisite number of employees as required under the Payment of Gratuity Act.

8. Previous year figures have been regrouped/ recasted/ reclassified/ rearranged wherever deemed necessary to conform with current year's classification.

9. Current Assets, Loans & Advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.

10. As defined in paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1988.

11. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit accepting or Holding) Companies Prudential Norms (Reserve Bank)Directions, 2007

12. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.


Mar 31, 2014

1.1 Contingent liabilities not provided for: Nil (p.y nil)

1.2 Break up of Auditor''s Remuneration

For the year For the year Ended 31.03.2014 Ended 31.03.2013

1. Audit Fee 39326 39326

2. Tax Audit Fees 19101 19101

58427 58427

1.3 The company does not have any non cancellable lease arrangements. Office premises are taken on operating lease and such lease rentals are charged to revenue on accrual basis.

1.4 Related Party Disclosures:

Disclosures as required by the Accounting Standard (AS-18)

"Related party disclosures are given below:

1. Names of related parties and description of the relationship

a. Associates :

1. M/s Vaishnavi Corporation

b. Key Management Personnel:

1. Shri G.Srinivas - Managing Director

2. Shri G.L.Prasad - Executive Director

c. Relatives of key Management Personnel :

1. Shri G.Lakshminarayana

2. Smt G.S.Sabitha

3. Shri G Suryaprakash

4. Shri G L Subbaram

5. Smt G L Ramadevi

2. Related Party Transactions:

1.5 Segment Reporting: During the year the company was engaged only in Investment and Financing activities and its activities were confined to India. Hence there are no reportable segments of the company.

1.6 No enterprise has been identified as a "supplier" under the micro, small and medium enterprises Development Act, 2006. The aforesaid identification has been done on the basis of information, to the extent provided by the vendors to the company.

1.7 Balances under the head Trade Receivables, Loans & Advances and other liabilities are subject to confirmation from the respective parties.

1.8 Impairment of Assets: The company has carried out an impairment test as per ''Accounting Standard - 28'', issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the year ending 31st March, 2014.

1.9 The company has provided for its gratuity liability on accrual basis on the basis of completed years of service as provided under the payment of Gratuity Act. However, the provisions of payment of Gratuity Act, do not apply to the company, since the company does not employ the requisite number of employees as required under the Payment of Gratuity Act.

1.10 Previous year figures have been regrouped/ recasted/ reclassified/ rearranged wherever deemed necessary to conform with current year''s classification.

1.11 Current Assets, Loans & Advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.

Notes:

1. As defined in paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1988.

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit accepting or Holding) Companies Prudential Norms (Reserve Bank)Directions, 2007

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.


Mar 31, 2013

1.1 Segment Reporting : During the year the company was engaged only in Investment and Financing activities and its activities were confined to India. Hence there are no reportable segments of the company.

1.2 No enterprises have been identified as a "supplier" under the Micro, Small and Medium Enterprises Development Act, 2006. The aforesaid identification has been done on the basis of information, to the extent provided by the vendors to the company.

1.3 Balances under the head Debtors, Loans & Advances and other liabilities are subject to confirmation from the respective parties.

1.4 Impairment of Assets : The company has carried out an impairment test as per ''Accounting Standard – 28'', issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the year ending 31st March, 2013.

1.5 The company has provided for its gratuity liability on accrual basis on the basis of completed years of service as provided under the payment of Gratuity Act. However, the provisions of Payment of Gratuity Act, do not apply to the company, since the company does not employ the requisite number of employees as required under the Payment of Gratuity Act.

1.6 Previous year figures have been regrouped/ recasted/ reclassified/ rearranged wherever deemed necessary to conform with current year''s classification.

1.7 Current Assets, Loans & Advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.


Mar 31, 2012

1.1 The company does not have any non-cancellable lease arrangements. Office premises are taken on operating lease and such lease rentals are charged to revenue on accrual basis.

1.2 Segment Reporting: During the year the Company was engaged only in Investment and Financing activities and its activities were confined to India. Hence there are no reportable segments of the Company.

1.3 No enterprises have been identified as a "supplier" under the micro, small and medium enterprises Development Act, 2006. The aforesaid identification has been done on the basis of information, to the extent provided by the vendors to the Company.

1.4 Balances under the head Debtors, Loans & Advances and other liabilities are subject to confirmation from the respective parties.

1.5 Impairment of Assets: The Company has carried out an impairment test as per 'Accounting Standard - 28', issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the year ending 31st March, 2012.

1.6 The Company has provided for its gratuity liability on accrual basis on the basis of completed years of service as provided under the Payment of Gratuity Act. However, the provisions of Payment of Gratuity Act, do not apply to the Company, since the Company does not employ the requisite number of employees as required under the Payment of Gratuity Act.

1.7 Previous year figures have been regrouped / recasted / reclassified / rearranged wherever deemed necessary to conform with current year's classification.

1.8 Current Assets Loans & Advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.


Mar 31, 2010

I. Contingent liabilities not provided for: Nil (p.y nil)

ii. Break up of Auditors Remuneration .

Amount in Rupees

For the year For the year

Ended 31.03.10 Ended 31.03.09

1. Audit Fee 33090.00 16,545.00

2. TaxAuditFees 8273.00 3,309.00

41363.00 19854.00

iii. Legal & Professional charges include Rs. 24817/- (p.y. Rs. 31854/-) paid to statutory auditors towards Tax Representation Fee.

vii. The company does not have any non cancellable lease arrangements. Office premises are taken on operating lease and such lease rentals are charged to revenue on accrual basis.

viii. Related Party Disclosures:

Disclosures as required by the Accounting Standard (AS-18) "Related party disclosures are given below:

1. Names of related parties and description of the relationship

a. Associates : 1. M/s.Gowra Ventures Pvt. Ltd.

2. M/s Gowra Petrochem Pvt. Ltd.

3 M/s G.S. Orangics

b. Key Management Personnel : 1. Mr. G.Srinivas - Managing Director

2. Mr. G.L.Prasad- Executive Director

c. Relatives of key : 1. Mr. G. S. Rajagopal

Management Personnel 2. Mr. G. Laxminarayana

3. Mrs. G. S. Sabitha

ix. Segment Reporting: During the year the Company was engaged only in Investment and Financing activities and its activities were confined to India. Hence there are no reportable segments of the Company.

x. No enterprises have been identified as a "supplier" under the Micro, Small and Medium

Enterprises Development Act, 2006. The aforesaid identification has been done on the basis of information, to the extent provided by the vendors to the Company.

xi. Balances under the head Debtors, Loans & Advances and other liabilities are subject to confirmation from the respective parties.

xii. Impairment of Assets: The company has carried out an impairment test as per Accounting Standard - 28, issued by I.C.A.I on all the assets and no provision was found to be required towards impairment of assets for the period ending 31st March, 2010.

xiii. The Company has provided for its gratuity liability on accrual basis on the basis of completed years of service as provided under the Payment of Gratuity Act. However, the provisions of Payment of Gratuity Act, do not apply to the Company, since the Company does not employ the requisite number of employees as required under the Payment of Gratuity Act.

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

xv. Previous year figures have been regrouped / recasted / reclassified / rearranged wherever deemed necessary to conform with current years classification.

xvi. Current Assets Loans & Advances are approximately of the value as stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amount considered reasonably necessary.

xix. Additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Schedule VI to the Companies Act, 1956-Quantitative Particulars-N. A.

xx. Schedules "A" to "J" form integral part of accounts.

 
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