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Notes to Accounts of Gravity (India) Ltd.

Mar 31, 2014

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. Adequate provision have been made for all known liabilities

2. Balance due to/from sundry debtors, sundry creditors, loans and advances and other liabilities are subject to confirmation

3. The Company has not provided interest receivable on fixed deposit with The Madhavpura Mercantile co-operative bank Ltd, (presently defunct bank ).

4. As per AS 13, no provision have been made for the losses due to decline in the present value of investments. The Company in which investment made have been delisted,

5. No provision has been made for gratuity for employees, as per As 15. The management has informed that the same shall be claimed at the time of making the payment.

6. The company has not made any provisions nor has provided any interest on the old disputed Industrial Hypothecation Loan granted by The Madhavpura Mercantile co-operative bank Ltd, (presently a defunct bank ) The matter is pending before Court .

7. The Work in Progess under Fixed assets is the payment for premises allotment for running as MRP at Kondivita-Andheri. However during the year some of the part of the premises are sold,the same has been reduced from the total work in progress account, the management is in view to ascertain the Profitability on complete of the said project.

8. Income tax assessment has been completed up to assessment year 2009-2010. However, a tax demand of Rs. 424350/- have been determined for assessment year 2009-10. A rectifcation application has been fled against the said demand

9. Micro and Medium scale business entities

There is no information available for Micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, small and medium Enterprises Development Act,2006 has been determined to the extent such parties have been identified to the extent of information gathered

10. No commission has been paid to the Directors, only the salary and perquisite has been paid to the Directors as per the provision of section 198 & 309 of the Companies Act,1956 and schedule XII to the said Act.

11. Deferred Tax Assets/Liabilities

As per AS 22 Deferred Tax Liability/Assets is recognized on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year. The management has recognized the Deferred tax from the end of the exempt period u/s 80I of the Income tax Act

12. Segment Reporting:

At present the Company has one activity namely dealing of Textile Fabrics.

13. Related Party Disclosure:

a. The control of the Company exists with Shri Rasiklal D. Thakkar - Chairman & Managiing Director of the company, who is also key management personnel

b. The names, along with relation, of the relatives of key management personnel and related parties of the company where control of the company exists and their enterprises, where transaction have taken place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar & Rammaruti Textiles Pvt. Ltd the associate companies and where relative of key personnel are proprietor

14. Figures for the previous year have been recast/ regrouped/ rearranged, wherever considered necessary.


Mar 31, 2013

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. Adequate provision have been made for all known liabilities.

2. Balance due to/from sundry debtors, sundry creditors, loans and advances and other liabilities are subject to confirmation.

3. The Company has not provided interest receivable on fixed deposit with The Madhavpura Mercantile co-operative bank Ltd, (presently defunct bank).

4. As per AS 13, no provision have been made for the losses due to decline in the present value of investments. The Company in which investment made have been delisted.

5. No provision has been made for gratuity for employees, as per As 15. The management has informed that the same shall be claimed at the time of making the payment.

6. During the year the company has made payment against an old disputed Industrial Hypothecation Loan granted by The Madhavpura Mercantile co-operative bank Ltd, (presently a defunct bank). The company has not made any provisions nor has provided any interest on the said loan. The matter is pending before Court.

7. The work in progress under fixed assets is the payment for premises allotment for running as MRP at Kondivita- Andheri.

8. Income tax assessment has been completed up to assessment year 2009-2010. However, a tax demand of Rs. 424350/- have been determined for assessment year 2009-10. A rectification application has been filed against the said demand.

9. Micro and Medium scale business entities:

There is no information available for Micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more that 180 days as at 31st March, 2013. This information as required to be disclosed under the Micro, small and medium Enterprises Development Act,2006 .has been determined to the extent such parties have been identified to the extent of information gathered.

10. No commission has been paid to the Directors, only the salary and perquisite has been paid to the Directors as per the provision of section 198 and 309 of the Companies Act, 1956 and schedule XIII to the said Act.

11. Deferred Tax Assets/ Liabilities:

As per AS 22 Deferred Tax Liability/Assets is recognized on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year. The management has recognized the Deferred tax from the end of the exempt period u/s 80I of the Income taxAct.

12. Segment Reporting:

At present the Company has one activity namely dealing of Textile Fabrics.

13. Related Party Disclosure:

a. The control of the Company exists with ShriRasiklalD. Thakkar- Chairman and Managiing Director of the company, who isalso key management personnel.

b. The names, along with relation, of the relatives of key management personnel and related parties of the company where control of the company exists and their enterprises, where transaction have taken place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar and Rammaruti Textiles Pvt. Ltd the associate companies and where relative of key personnel are proprietor.

14. Figures for the previous year have been recast/rearranged wherever considered necessary.

15. Figures in the brackets indicates previous years or negative figures.


Mar 31, 2012

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. Adequate provision have been made for all known liabilities

2. Balance due to/from sundry debtors, sundry creditors, loans and advances and other liabilities are subject to confirmation

3. The Company has not provided interest receivable on fixed deposit with The Madhavpura Mercantile co-operative bank Ltd, (presently defunct bank).

4. As per AS 13, no provision have been made for the losses due to decline in the present value of investments. The Company in which investment made have been delisted,

5. No provision has been made for gratuity for employees, as per As 15. The management has informed that the same shall be made at the time of making the payment

6. During the year the company has made payment against an old disputed Industrial Hypothecation Loan granted by The Madhavpura Mercantile co-operative bank Ltd, (presently a defunct bank). The company has not made any provisions nor has provided any interest on the said loan. The matter is pending before Court.

7. The work in progress under fixed assets is the payment for premises allotment for running as MRP at Kondivita-Andheri. ,

8. Income tax assessment has been completed up to assessment year 2009-2010. However, a tax demand of Rs. 424350/- have been determined for assessment year 2009-10. A rectification application has been filed against the said demand

9. Micro and Medium scale business entities

There is no information available for Micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more that 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, small and medium Enterprises Development Act,2006 .has been determined to the extent such parties have been identified to the extent of information gathered

10. No commission has been paid to the Directors, only the salary and perquisite has been paid to the Directors as per the provision of section 198 & 309 of the Companies Act, 1956 and schedule XII to the said Act.

11. Deferred Tax Assets/ Liabilities

As per AS 22 Deferred Tax Liability/Assets is recognized on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent year. The management has recognized the Deferred tax from the end of the exempt period u/s 80I of the Income tax Act

12. Segment Reporting:

At present the Company has one activity namely dealing of Textile Fabrics

13. Related Party Disclosure:

a. The control of the Company exists with Shri Rasiklal D. Thakkar-Chairman & Managiing Director of the company, who is also key management personnel

b. The names, along with relation, of the relatives of key management personnel and related parties of the company where control of the company exists and their enterprises, where transaction have taken place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar & Rammaruti Textiles Pvt. Ltd the associate companies and where relative of key personnel are proprietor

14. Figures for the previous year have been recast/regrouped/ rearranged .wherever considered necessary in accordance with Revised Schedule VI forming part of the Companies Act, 1956 and effective for financial year commencing on or after 01 April,2011.

15. Figures in the brackets indicates previous years or negative figures


Mar 31, 2011

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The Provision for all known liabilities is adequate.

2. Balance due to/from sundry debtors, sundry creditors, loans and advances and other liabilities are subject to confirmation.

3. The Company has not provided interest receivable on fixed deposit with MMCB.

4. The Present value of Investment are not ascertainable as share are not traded in the market and not traded in the market and both the companies have been delisted, no provision has been made for possible losses.

5. No provision has been made for gratuity for employees, as per As 15, as inform to us that the same will be provided as and when paid.

6. The Company has not provided interest on Industrial Hypothecation loan from The Madhavpura Mercantile Co-op. Bank Ltd. Mumbai [MMCB]. The MMCB has closed down its Banking opereation. After various representations made to MMCB and in absence of the information the Company had not provided Interest payable on aforesaid loan however the repayment of principal amount has been started during the year The matter is still pending before Arbitration Court.

7. Income tax assessment has been completed up to assessment year 2008-2009

8. Micro and Medium scale business entities

There is no Micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2011. This information as required to be disclosed under the Micro, small and medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

9. No commission has been paid to the Directors, only the salary & perquisite has been paid to the Directors as per the provision of section 198 & 309 of the Companies Act, 1956 and schedule XIII to the said Act.

10. Deferred Tax Assets/Liabilities

As per Accounting standard 22 Deferred Tax Liability/Assets is recognised on timing difference, being the difference between taxable the ab income and accounting income that originate in one year and are capable of reversal in one or more subsequent years from end of exempted period.

11. Segment Reporting :

At present the Company has one activity namely dealing of Textile Fabrics.

12. Related Party Disclosure :

a. The control of the Company exists with Shri Rasiklal D. Thakkar - Chairman & Managing Director of the company, who is also key management personnel.

b. The names, along with relation, of the relatives of key management personnel and related parties of the company where control of the company exists and their enterprises, where transaction have taken place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar & Rammaruti Textiles Pvt. Ltd. the associate companies, and where relative of key personnel are proprietor.

13. Figures for the previous year have been regrouped, rearranged and recasted wherever necessary.

14. Figures in the brackets indicate previous years or negative figures.


Mar 31, 2010

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The Provision for all known liabilities is adequate.

2. Balance due to/from sundry debtors, sundry creditors, loans and advances and other liabilities are subject to confirmation.

3. The Company has not provided interest receivable on fixed deposit with MMCB,

4. The Present value of Investment are not ascertainable as share are not traded in the market and not traded in the market and both the companies have been delisted, no provision has been made for possible losses.

5. No provision has been madefor gratuity for employees, as per As 15, as inform to us that the same will be provided as and when paid.

6. The Company has not provided interest on Industrial Hypothecation loan from The Madhavpura Mercantile Co-op. Bank Ltd. Mumbai [MMCBj. The MMCB has closed down its Banking opereation. After various representations made to MMCB and in absence of the information the Company had not provided Interest payable on aforesaid loan however the repayment of principal amount has been started during the year. The matter is still pending before Arbitration Court.

7. Loans and advances

Advances recoverable in cash or kinds or for value to be received are inclusive of due by firms or private companies in which directors are interested.

8. a. Income tax assessment has been completed up to assessment year 2006-2007 with a demand for Income tax Rs. 524406/- and Fringe Benefit Tax Rs. 154337/-Application for rectification of mistake is pending for give the effect of Tax deducted at source in the above demand.

b. Appeal with ITAT for penalty proceeding are pending for A.Y 2003-04 with penalty demand of Rs. 21,100/,

9. Micro and Medium scale business entities

There is no Micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2010. This information as required to be disclosed under the Micro, small and medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

10. No commission has been paid to the Directors, only the salary & perquisite has been paid to the Directors as per the provision of section 198& 309 of the Companies Act, 1956and schedule XIII to the said Act.

11. Deferred Tax Assets/Liabilities

As per Accounting standard 22 Deferred Tax Liability is recognised on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years from the end of exempted period.

12. Segment Report mg:

At present the Company has one activity namely dealing of Textile Fabrics.

13. Related Party Disclosure:

a. The control of the Company exists with Shri Rasiklal D. Thakkar - Chairman & Managing Director of the company, who is also key management personnel.

b. The names, along with relation, of the relatives of key management personnel and related parties of the company where control of the company exists and their enterprises, where transaction have taken place are Gravity Textiles Pvt. Ltd., Dakshali Synthetics Pvt. Ltd., the associate companies, and Jay textiles, Sony Industries, R. D. Thakkar HUF where relative of key personnel are proprietor b himself is Karta.

14. Figures for the previous year have been regrouped, rearranged and recasted wherever necessary.

15. Figures in the brackets indicate previous years or negative figures.

 
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