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Notes to Accounts of GTV Engineering Ltd.

Mar 31, 2015

Not available


Mar 31, 2014

1. The previous year figures have been regrouped/ reclassified, wherever necessary to conform to the current year's presentation.

(i) Cash credit facilities are secured by way of hypothecation of all Stock of Inventories, book debts and other current assets of the company both present and future, additionally secured by way of second charge on all the fixed assets of the company

(ii) All short-term borrowings guaranteed by directors of the Company

Note 2. Deferred Tax

After considering the deferred Tax Liability due to timing difference on account of depreciation and Deferred Tax Assets due to carry forward unabsorbed Depreciation net impact was on Deferred Tax Assets which has not been recognized due to conservative accounting treatment and prudence .


Mar 31, 2013

Contingent liabilities provided for in respect of letter of credits/ bank guarantees FDRs:

(a) Bank guarantee outstanding: Rs. 2,20,62,208

Estimated amounts of contracts remaining to be executed on capital account and not provided for (net advances) Nil

(a) Letter of Credit outstanding: Rs. 1,50,00,000

1. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current year's presentation

(i) Cash credit facilities are secured by way of hypothecation of all Stock of Inventories, book debts and other current assets of the company both present and future, additionally secured by way of second charge on all the fixed assets of the company

(ii) All short-term borrowings guaranteed by directors of the Company


Mar 31, 2012

1. Contingent liabilities provided for in respect of letter of credits/bank guarantees FDRs:

a) Bank guarantee outstanding: Rs. 39815040.00

Estimated amounts of contracts remaining to be executed on capital account and not provided for (net advances) Nil

b) Letter of Credit outstanding: Rs. Nil (Previous year Nil)

2. Previous year's figures have been regrouped or rearranged whichever found necessary.

3. Depreciation has been provided on fixed assets for the year on Straight Line Method in accordance with schedule XIV of the companies act, 1956,

4. Sales are taken up at net value i.e. after deduction of sums which are deducted by the debtors from the outstanding against sales.

5. Letter of confirmations of balances were circulated during the year in respect of credit and debit balances but confirmation was not received except in few cases.

6. The Directors of the company have given personal guarantees to Bank but no guarantee commission have been paid to them.

7. No employee of the company has been paid up with remuneration in excess of that laid down u/s 217 (2A) of the companies (amendment) act, 1988 read together with the provisions of the particulars of employees rules, 1988.

8. Expenditure on account of Traveling of Director foreign tour Rs. Nil

9. The units are set up in backward areas where the units got eligibility for sales tax exemption or 9/11 years, sales tax deferment of payment without any provisions of interest. The unit has opted 9/11 years interest free deferment of sales tax under respective rules. This is the unsecured loan for the company and repayable at the completion of deferred period.

10. Amount due from the Directors / Officers of the company : Rs. Nil (Previous year Nil)

11. Figures have been rounded off to the nearest rupees.

12. The computation of net profit for the purpose of calculation of Director remuneration under section 349 of the companies act, 1956 is not enumerated, since no commission has been paid to the Managing Director.

13. In die opinion of the Board the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provision of all known liabilities is adequate and neither short nor in excess of the amount reasonably necessary.

14. The name(s) of the small scale industrial undertaking(s) to whom company owes a sum exceeding Rs. 1 lakh is outstanding for more than 30 days: NIL


Mar 31, 2011

1. The previous year figures have been regrouped/reclassified, wherever nece66ary to conform to the current year's presentation

 
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