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Notes to Accounts of Gujarat Automotive Gears Ltd.

Mar 31, 2014

1 Share Capital

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares entitled to one vote per share . The Company declares and pays dividends in Indian rupees. The dividend of Rs 0.60 Paisa per share(30% of share value) has been proposed by the Board of Director through Board Meeting held on 14th May, 2014.

During the financial year the Company has divided one equity share of Rs. 10 each into 5 equity shares of Rs. 2 each passed through its board resolution dated 17th February, 2014.

During the financial year, the promoters and promoter groups have transferred 55% of their shareholding to HIM Teknoforge Ltd and its associates through a share purchase agreement dated 24th June, 2013.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholders.

2 Long Term Borrowing

During the financial year, The company has rapid fully the term loan. The said term loan was carrying interest@10% P.A. and was secured by hypothication of vehicle for which the loan was taken.

3 Contingent liability and Commitments (Amount in Rs.)

Contingent liability not provided for: 31.3.2014 31.3.2013

Bank Guarantee 26,495 -

Disputed Income tax Liabilities 95,679 677,053

Capital Commitments (net of advances) - 1,140,000

4 In the opinion of the Board, the current Assets, Loans and Advances have a value on realization in the ordinary course of the business at least equal to the amount of which they are stated.

5 Segment Reporting

The management information system of the company identifies & monitors Auto Parts As the primary business Segment. In the opinion of the management, the company is primarily engaged in the business of automotive parts, as the basic nature of these activities are governed by the same set of risk and returns; these constitute and have been grouped as single segment as per AS 17 dealing with segment reporting. Secondary segment reporting is on the basis of geographical location of the customers.

6 Trade receivables, trade payables and loans and advances are subject to confirmation and reconciliation, if any.

7 Corresponding figures for the previous year have been regrouped/recast/rearranged Wherever necessary.


Mar 31, 2013

1 Contingent liability and Commitments

Contingent liability not provided for:

31.3.2013 31.3.2012

Bank Guarantee 334,450

Disputed Income tax Liabilities 6,77,053 270,019

Capital Commitments (net of advances) 1,140,000 4,121,139

2 In the opinion of the Board, the current Assets, Loans and Advances have a value on realization in the ordinary course of the business at least equal to the amount of which they are stated.

3 Segment Reporting

The management information system of the company identifies & monitors Auto Farts As the primary business Segment. In the opinion of the management, the company is primarily engaged in the business of automotive parts, as the basic nature of these activities are governed by the same set of risk and returns; these constitute and have been grouped as single segment as per AS 17 dealing with segment reporting. Secondary segment reporting is on the basis of geographical location of the customers, which is given as under.

b) Provision towards Liabilities For Leave Encasement made on the Basis of Actuarial Valuation as per Accounting Slandered 15(Revised ), Actuarial Value of Liabilities at the year end is Rs 36,64,794/- (RY 38,63,930) based upon following assumption. Expenses provided in the profit and loss account is Rs. 5894(RY Rs.2,88,796)

4 As the company does not have information as to which of its creditors are registered under The Micro, Small and Medium enterprises Development Act, 2006, no disclosure as required by the said Act is given.

5 Corresponding figures for the previous year have been regrouped/recast/rearranged Wherever necessary.


Mar 31, 2012

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares entitled to one vote per share . The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Term Loans from bank carries interest rate @ 7.75% to 10%. The loan is repayable in 36 equal monthly instalment of Rs 237,302 along with interest, from the date of loan. The loan is secured by hypothecation of vehicles for which loan is taken. Current portion of the above loan is shown under other current liabilities as current maturities of long term loans.

1 Contingent liability and Commitments

Contingent liability not provided for 31.3.2012 31.3.2011

Bank Guarantee 334,450 267,450

Disputed Income tax Liabilities 270,019 270,019

Capital Commitments (net of advances) 4,121,139 -

2 In the opinion of the Board, the current Assets, Loans and Advances have a value on realization in the ordinary course of the business at least equal to the amount of which they are stated.

3 Segment Reporting

The management information system of the company identifies & monitors Auto Parts As the primary business Segment. In the opinion of the management, the company is primarily engaged in the business of automotive parts, as the basic nature of these activities are governed by the same set of risk and returns; these constitute and have been grouped as single segment as per AS 17 dealing with segment reporting. Secondary segment reporting is on the basis of geographical location of the customers, which is given as under.

Other income is generated only in India. All assets of the company except the debtors of Rs.29,456,986/- (RY. Rs. 32,177,685) are within India.

Excluding contribution to gratuity fund and provision for leave encashment since the same are provided on an actuarial basis for the company as a whole.

Does not include monetary value of non cash perquisites as per Income-tax Act, 1961.

b) Provision towards Liabilities For Leave Encasement made on the Basis of Actuarial Valuation as per Accounting Slandered 15(Revised ). Actuarial Value of Liabilities at the year end is Rs 38,63,930/- (RY 37,73,807} based upon following assumption. Expenses provided in the profit and loss account is Rs. 2,88,796 (PY. Rs.20,35,417) 30 As the company does not have information as to which of its creditors are registered under The Micro, Small and Medium enterprises Development Act, 2006, no disclosure as required by the said Act is given.

B Details of Foreign exchange earned and spent during the year

i) EO.B. Value of Export Rs. 21,30,78,420/-(Previous Year: Rs. 16,57,21,084/-)

ii) Foreign Exchange spent on Foreign Traveling Equivalent in Indian currency: Rs. 23,92,405-/ (Previous Year: Rs. 22,21,081/-), Commission Rs.9,55,857/-(Previous Year: Rs; 14,93,437-/), Imported Components Rs.57,93,148/-(Previous Year: Rs. 36,27,813/-), Bank Charges Rs 2,35,959 ( Previous Year: Rs. 1,66,420/-) and Plant & Machinery imported Rs: 7,81,620/- ( Previous Year Rs.Nil). '

4 Sundry Debtors, Creditors and loans and advances are subject to confirmation and reconciliation, if any.

5 Corresponding figures for the previous year have been regrouped/recast/rearranged Wherever necessary.


Mar 31, 2011

1 Contingent liability not provided for: 31.3.2011 31.3.2010

Bank Guarantee 267,450 NIL

Disputed Income tax Liabilities 270,019 270,019

2 In the opinion of Board, the current Assets, Loans and Advances have a value on realization in the ordinary course of the business at least equal to the amount of which they are stated.

3 Segment Reporting

The management information system of the company identifies & monitors Auto Parts As the primary business Segment. In the opinion of the management, the company is primarily engaged in the business of automotive parts, as the basic nature of these activities are governed by the same set of risk and returns; these constitute and have been grouped as single segment as per AS 17 dealing with segment reporting. Secondary segment reporting is on the basis of geographical location of the customers, which is given as under.

4 As the company does not have information as to which of its creditors are registered under The Micro, Small and Medium enterprises Development Act, 2006, no disclosure as required by the said Act is given.

5 Sundry Debtors, Creditors and loans and advances are subject to confirmation and reconciliation, if any.

6 Corresponding figures for the previous year have been regrouped/recast/rearranged Wherever necessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR:

i) Bank Guarantee Rs. NILV-(Previous Year: Rs. 50,000/-).

ii) Disputed Income tax Liabilities Rs. 270019/- (Previous Year 21,76,051/-)

2. The company has subscribed to a Group Gratuity Scheme of the Life Insurance Corporation of India. During the year premium amounting Rs. 27,520/- has been paid towards the current liability.

3. In the opinion of the Board, the current Assets, Loans and Advances have a value on realization in the ordinary course of the business at least equal to the amount of which they are stated.

4. The management information system of the company identifies & monitors Auto Parts As the business Segment. In the opinion of the management, the company is primarily engaged in the business of automotive parts, as the basic nature of these activities are governed by the same set of risk and returns; these constitute and have been grouped as single segment as per AS 17 dealing with segment reporting. Secondary segment reporting is on the basis of geographical location of the customers.

5. As the company does not have information as to which of its creditors are registered under The Micro, Small and Medium enterprises Development Act, 2006, no disclosure as required by the said Act is given.

 
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